U.S. Stocks Close On Mixed Note Again; Technology Stocks Rebound
25 Junho 2024 - 7:00PM
IH Market News
U.S. stocks closed mixed on Tuesday after a cautious session, as
investors looked ahead to the release of some crucial U.S. data,
including a report on consumer income and spending, for more
clarity about the outlook for Federal Reserve’s interest rates.
Among the major averages, the Dow (DOWI:DJI) settled with a loss
of 299.05 points or 0.76 percent, at 39,112.16. The Nasdaq
(NASDAQI:COMP) climbed up 220.84 points or 1.26 percent, to
17,717.65, while the S&P 500 (SPI:SP500) ended up by 21.43
points or 0.39 percent, at 5,469.30.
Nvidia (NASDAQ:NVDA) rallied nearly 7 percent, rebounding after
recent losses. Meta Platforms, Alphabet, Apple Inc., Eli Lilly,
Micron Technology, Uber Technologies, Arista Networks, Palo Alto
Networks, Dell, and Airbnb also posted strong gains.
Boeing, Nike, Goldman Sachs, IBM, Pfizer, McDonalds Corporation,
Wells Fargo, Bank of America, Home Depot and Johnson & Johnson
declined sharply.
Walmart ended lower by more than 2 percent, after the company’s
CFO flagged the second quarter as the “most challenging
quarter”.
On the economic front, the Chicago Fed’s measure of overall
economic activity and related inflationary pressure in the United
States rose in May for the first time in three months, survey
results showed.
The Chicago Fed National Activity Index, or CFNAI, rose to +0.18
in May from -0.26 in April, which was revised from -0.23.
U.S. house prices rose less than expected in April, after
stagnating in the previous month, latest data from the Federal
Housing Financing Agency showed.
The seasonally adjusted house price index increased 0.2 percent
from the previous month. Economists had forecast a 0.3 percent
gain. March’s 0.1 percent increase was revised down to 0.0
percent.
House prices rose 6.3 percent year-on-year in April, which was
more than double the 3.1 percent gain registered in the same month
last year.
Survey data from the Conference Board showed consumer confidence
in the U.S. eased slightly in June as households’ economic
expectations eroded. The Conference Board Consumer Confidence Index
fell to 100.4 from 101.3 in May. Economists had expected a reading
of 100.
The Expectations Index, which mirrors consumers’ short-term
outlook for income, business, and labor market conditions, slid to
73.0 from 74.9 in May.
In overseas trading, Asian stocks ended mostly higher on Tuesday
after China’s Premier Li Qiang said the country is capable of
achieving the full year growth target of around 5 percent.
European stocks closed on a weak note as investors closely
followed the political scene and digested some corporate news from
the region, besides looking ahead to U.S. consumer income &
spending data for clues about the outlook for Federal Reserve’s
monetary policy moves.
SOURCE: RTTNEWS
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