Stocks Rebound on Wall Street After Worst Day Since April

U.S. stocks bounced back on Friday after experiencing the worst day since April, with the S&P 500 gaining 0.7% and the Dow Jones Industrial Average rising less than 0.1%. The Nasdaq composite also saw gains, topping its all-time high set earlier in the week.

Deckers Outdoor and Ross Stores were among the top performers, with Deckers Outdoor jumping 14.2% after reporting stronger profit and revenue for the latest quarter. Ross Stores also lifted the market after leaping 7.8% despite challenges in the retail sector.

CEO Barbara Rentler highlighted the struggles of low-to-moderate income customers due to prolonged inflation. This sentiment was echoed by economist Brian Jacobsen, who noted the disparity between high-income and low-income consumers in the current economic climate.

The market received a boost from a report showing that overall sentiment among U.S. consumers weakened less than expected in May. Additionally, concerns about high inflation and the possibility of rate hikes by the Federal Reserve contributed to the week’s rocky trading.

Despite the challenges, Nvidia continued to impress with another blowout profit report, pushing the stock market upward. However, Workday fell 15.3% despite reporting stronger profit, indicating mixed results in the tech sector.

Stock markets abroad saw declines in Asia and Europe, with indexes falling in Hong Kong, Seoul, and Tokyo. Overall, the market remains volatile as investors navigate economic uncertainties and inflation concerns.

The report was contributed by AP Business Writers Matt Ott and Elaine Kurtenbach, providing insights into the latest market trends and developments.