U.S. stocks bounced back on Friday, recovering from the worst day on Wall Street since April. The S&P 500 gained 0.7 percent, reclaiming all its losses from the previous two days. The Dow Jones Industrial Average rose slightly, while the Nasdaq composite set a new all-time high.
Deckers Outdoor and Ross Stores were among the companies that contributed to the market’s gains. Deckers Outdoor saw a 14.2 percent increase after reporting strong profit and revenue for the latest quarter. Ross Stores also rose after reporting better profit than expected, despite revenue just surpassing estimates.
However, lower-income consumers are facing challenges, as inflation continues to impact their purchasing power. Concerns about high inflation have led to recent volatility in the stock market after the Federal Reserve hinted at the possibility of raising rates if inflation worsens.
Overall sentiment among U.S. consumers weakened by less in May than initially thought, which helped boost the market. Still, worries about inflation persist, with some analysts pushing back forecasts for the Fed’s first rate cut.
In overseas markets, indexes in Asia and Europe fell, with declines seen in Hong Kong, Seoul, and Tokyo.
