S&P 500 (^GSPC +0.43%) slipped 0.06% to 6,940.01, today as political uncertainty won out over yesterday’s chip optimism. The Nasdaq Composite (^IXIC +0.42%) eased 0.06% to 23,515.39, and the Dow Jones Industrial Average (DJINDEX: ^DJI) fell 0.17% to 49,359.33 as Wall Street coasted into the long weekend after a choppy week.
Market movers
Two space stocks led the gainers as AST SpaceMobile (ASTS +4.27%) secured a prime government defense contract. Firefly Aerospace (FLY +5.24%) gained after an analyst upgrade. Meanwhile, Novo Nordisk (NVO +1.39%) jumped on the back of a regulatory win for its Wegovy weight loss treatment in the U.K.
What this means for investors
Stocks slipped very slightly today, ending the week in the red. In the past five days, the S&P 500 dropped 0.38% while the tech-heavy Nasdaq fell by 0.66%. Investors are digesting the ramifications of various moves from Washington, including geopolitical unrest over Greenland.
Uncertainty about who might take over as Federal Reserve Chair when Jerome Powell finishes his term in May also weighed on prices. President Trump seemed to have cooled on front-runner Kevin Hassett, strengthening Kevin Warsh’s position, per Bloomberg. Comments from the White House sparked speculation about when the Fed might cut rates this year.
Yesterday’s blockbuster earnings from Taiwan Semiconductor Manufacturing Company (TSM +1.50%) combined with news of a U.S.-Taiwan trade deal helped some AI stocks. The agreement would see Taiwanese investing $250 billion in semiconductor production. Super Micro Computer (SMCI +0.07%) and Micron Technology (MU +4.87%) both posted solid gains.
