Wed. Jul 17th, 2024

The penultimate session of the year opens green for Wall Street.

By nr39r Mar26,2024
News

On the last session of the year, which took place on Thursday, the indices of the New York Stock Exchange began the day in the green.

The wide S&P 500 index, which is the most emblematic of the American market, was on the verge of setting a new record.

The Dow Jones index achieved a gain of 0.10%, while the Nasdaq, which is primarily comprised of technological companies, achieved a gain of 0.23%. The S&P 500 index experienced a rise of 0.16%, bringing it to a level that is only half a percentage point away from its record of 4,796.56 points in January 2022.

The main indexes of Wall Street were lower on Monday, the first day of the holiday-shortened week, as investors anticipated the release of important inflation data later this week. Meanwhile, the advancement of chip stocks helped to keep losses on the Nasdaq, which is dominated by technology, under control.

The Philadelphia Semiconductor Index increased by 0.5%, with Micron Technology reaching a new all-time high by a staggering 9.0%, while the industry giant Nvidia saw its share of the market increase by 1.6%.

Over the weekend, a report indicated that China has implemented instructions to gradually remove microprocessors from personal computers and servers used by the government that were manufactured in the United States and provided by Intel and AMD. Intel’s share price dropped by 1.2%, while AMD’s share price rose by 1.4%, recovering earlier losses.

On Friday, the S&P 500 and the Dow both had their highest weekly percentage increases over the course of this year. This occurred despite the Federal Reserve maintaining its forecast that it will reduce interest rates three times this year.

This assertion was supported by the President of the Chicago Federal Reserve, Austan Goolsbee, who stated that he had planned for three rate reductions to take place this year. On the other hand, the Governor of the Federal Reserve, Lisa Cook, stated that the central bank should move with prudence when determining when to begin reducing interest rates.

According to the CME FedWatch tool,   now anticipate a nearly 71% possibility of the Federal Reserve bringing in the first cut in June. This is an increase from the about 55% chance that they saw at the beginning of the previous week.

The Federal Reserve’s favorite inflation gauge, the Personal Consumption Expenditures (PCE) price index, is scheduled to release its most important reading for the month of February on Friday, which is also the day that markets in the United States will be closed for the Good Friday holiday.

In the event that the PCE index shows a high level, the market’s confidence for early rate cuts may be dampened.

The final estimates for the fourth-quarter GDP and a measurement on consumer confidence for the month of March are also expected to be released during the next few days. These events will finish up the final trading week of the March quarter.

“We tend to discount market moves within plus or minus one week of the end of a quarter,” said Mike Dickson, head of research at Horizon Investments. “This is due to the fact that a lot of institutional flows that you typically see are putting investment policy benchmarks back together,” Dickson explained.

“That makes the price action this week probably a little less important than any other week that we’ve had this year.”

The Dow Jones Industrial Average was down 105.96 points, or 0.27%, at 39,369.94 at 11:38 a.m. Eastern Time (ET), the S&P 500 was down 7.90 points, or 0.15%, at 5,226.28, and the Nasdaq Composite was down 18.32 points, or 0.11%, at 16,410.50. All three of these indices were negatively impacted by the market.

Eight of the eleven key sectors that make up the S&P 500 were trading lower, with communication services leading the way with a loss of 0.6%. Energy, on the other hand, surpassed its rivals and increased by 1.2%.

Following the announcement of a significant management shakeup and the announcement that CEO Dave Calhoun would step down from his post at the end of 2024, Boeing experienced a reduction in its gains and was last seen up 1.5%.

Following the upgrade of the company from “equal weight” to “overweight” by Barclays, Walt Disney witnessed a 2.5% increase in its value.

As a result of the recovery in bitcoin, cryptocurrency and blockchain-related equities, such as those of exchange operator Coinbase Global, cryptocurrency miner Riot Platforms, and software company MicroStrategy, increased by between 7.4% and 18.8%.

On the New York Stock Exchange, the rising issues outweighed the falling ones by a ratio of 1.12 to 1. On the Nasdaq, the ratio of those issues that were declining to those that were advancing was one to one.

On the other hand, the Nasdaq registered 77 new highs and 69 new lows, while the S&P index recorded 31 new 52-week highs and two new lows in regard to its performance.

The 6th of March (Reuters) – While economic statistics and statements from Federal Reserve Chair Jerome Powell confirmed expectations that the United States central bank will decrease its benchmark interest rate this year, the three major indexes that provide a measure of the performance of the stock market on Wall Street closed higher on Wednesday.

Powell stated on Wednesday that he anticipated the Federal Reserve to reduce interest rates and that the economy of the United States appeared to be nowhere near entering a recession. However, he refrained from committing to a timeline for rate lowering since he was uncertain about the progress that would be made on inflation.

In remarks that were prepared in advance of his testimony before Congress, Powell stated that inflation had “eased substantially” since reaching its highest point in forty years in 2022, but that policymakers still required “greater confidence” in the decrease of inflation before they could consider lowering interest rates.

He made it abundantly plain that the Federal Reserve does anticipate lowering interest rates this year. Listening to that was just what the markets required. Was there a degree of ambiguity in the language used? Quincy Krosby, chief global strategist for LPL Financial, stated that although the message was unclear in some areas, it was clear in others. “It’s not if but when the Fed initiates a rate easing policy.”

In addition to Powell’s statement, Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, stated that the economic data that was released on Wednesday encouraged anticipation for rate decreases and confidence in the labor market.

“The number of job openings shriveled a bit, but are still quite healthy and indicative of a labor market that is still looking pretty stout,” according to Luschini. “It fits the Goldilocks narrative that’s become consensus.”
When the nonfarm payrolls report for February is released on Friday, it is anticipated that it will provide additional insight into the current state of the labor market.

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By nr39r

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