Economic Worries May Lead To Weakness On Wall Street
04 Junho 2024 - 10:10AM
IH Market News
The major U.S. index futures are currently pointing to a lower
open on Tuesday, with stocks likely to move to the downside
following the mixed performance seen in the previous session.
Concerns about the outlook for the U.S. economy may weigh on the
markets following yesterday’s disappointing manufacturing data.
While economic weakness could prompt the Federal Reserve to
lower interest rates in the coming months, the central bank has
signaled it plans to keep rates at elevated levels until there is
greater confidence inflation is slowing.
A bigger than expected slowdown by the economy combined with
high interest rates could prove troubling for stocks, which have
recently reached record levels.
On Friday, the Labor Department is scheduled to release its
closely watched monthly jobs report, which could have a significant
impact on the outlook for the economy and interest rates.
Economists currently expect the report to show employment jumped
by 190,000 jobs in May after climbing by 175,000 jobs in April,
while the unemployment rate is expected to hold at 3.9 percent.
After a positive start and a subsequent retreat that resulted in
a fairly long spell in negative territory on Monday, U.S. stocks
recovered in afternoon trading and ended the day’s session on a
mixed note.
The Nasdaq outperformed, settling at 16,828.67 with a gain of
93.65 points or 0.6 percent. The S&P 500 edged up 5.89 points
or 0.1 percent to finish at 5,283.40, while the Dow ended down
115.29 points or 0.3 percent at 38,571.03.
Data showing a continued contraction in the nation’s
manufacturing activity in the month of May hurt sentiment.
A report from the Institute for Supply Management said
manufacturing activity in the U.S. unexpectedly contracted at a
slightly faster rate in the month of May.
The ISM said its manufacturing PMI edging down to 48.7 in the
month, from 49.2 in April. Economists had expected the index to
inch up to 49.6.
The report also said the prices index slid to 57.0 in May from
60.9 in April, suggesting a slowdown in the pace of price
growth.
On Wednesday, the ISM is scheduled to release a separate report
on service sector activity in the month of May. The services PMI is
expected to rise to 50.5 in May from 49.4 in April, with a reading
above 50 indicating growth.
Data from the Commerce Department showed U.S. construction
spending unexpectedly shrank in April amid declines in both private
and public construction.
The report said construction spending dipped 0.1 percent to
$2,099.0 billion from the revised estimate of $2,101.5 billion in
March. Spending was expected to grow 0.2 percent after a 0.2
percent decrease in March.
Several stocks from financial and energy sectors ended sharply
lower. Nvidia (NASDAQ:NVID)shares gained nearly 5 percent after the
company unveiled next-generation AI chips.
Autodesk (NASDAQ:ADSK) climbed about 4.6 percent. Moderna
(NASDAQ:MRNA), Vertex Pharmaceuticals (NASDAQ:VRTX), Dollar Tree
(NASDAQ:DLTR), Micron Technology (NASDAQ:MU), Starbucks
(NASDAQ:SBUX), Biogen (NASDAQ:BIIB) and Meta Platforms
(NASDAQ:META) gained 2 to 4 percent.
Salesforce.com (NYSE:CRM) climbed about 2.75 percent.
AstraZeneca (NASDAQ:AZN), Warner Bros. (NASDAQ:WBD), Amazon
(NASDAQ:AMZN), Merck (NYSE:MRK), Boeing (NYSE:BA) and American
Express (NYSE:AXP) posted moderate gains.
Sirius XM (NASDAQ:SIRI), Walgreens Boots Alliancec (NASDAQ:WBA),
AMD (NASDAQ:AMD), Old Dominion Freight Line (NASDAQ:ODFL) and Baker
Hughes (NASDAQ:BKR) ended sharply lower.
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