Major Averages Close On Firm Note As Stocks Rally After Early Struggle
02 Julho 2024 - 5:44PM
IH Market News
After struggling for direction till a little past noon on
Tuesday, stocks began climbing higher, and continued to gain in
strength to eventually end the day’s session a firm note.
Concerns about the outlook for interest rates rendered the mood
cautious early on in the session, with investors digesting Federal
Reserve Chair Jerome Powell’s speech at the ECB Forum in Portugal
and the JOLTS report that showed a slight increase in job openings
in the US.
Stocks moved higher after bond yields drifted down. The major
averages all ended on a firm note, with the Nasdaq outperforming
the Dow and S&P 500.
The Dow (DOWI:DJI) ended with a gain of 162.33 points or 0.41
percent at 39,331.85. The S&P 500 (SPI:SP500) settled at
5,509.01, gaining 33.92 points or 0.62%, while the Nasdaq
(NASDAQI:COMP) advanced 149.46 points or 0.84 percent, to
18,028.76.
Data from the Labor Department showed the number of job openings
rose to 8.140 million in May, up 221,000 from a month earlier.
Redbook Research said the Redbook Index in the U.S. increased by
5.8 percent in the week ending June 29, compared to the same week
in the previous year.
Investors also noted Fed Chair Jerome Powell’s speech at a
central banking forum in Sintra, Portugal. Powell expressed
satisfaction with the progress on inflation but said he wants to
see more before being confident enough to start cutting interest
rates.
“We want to be more confident that inflation is moving
sustainably down toward 2% before we start the process of reducing
or loosening policy,” he said.
Investors looked ahead to the release of the Labor Department’s
closely watched monthly jobs report on Friday.
The report, which is expected to show a slowdown in the pace of
job growth in the month of June, could impact the outlook for
interest rates.
On the political front, the U.S. Supreme Court’s ruling that
former President Donald Trump is entitled to immunity from federal
prosecution for official actions he took while in office, has
stoked speculation about the possibility of another Trump
presidency.
Tesla Inc. shares soared more than 10 percent, after the company
reported higher than expected sales in the April-June quarter. The
electric vehicle maker said it sold 436,956 vehicles in the latest
quarter, down 4.8 percent compared to the year-ago quarter. But the
numbers were better than what analysts had forecast.
Advanced Micro Devices, Inc. (NASDAQ:AMD) shares rallied about
4.2 percent. Apple Inc., Alphabet, Amazon, Meta Platforms, JP
Morgan Chase, Visa, Mastercard, Costco, Bank of America, Adobe Inc,
Texas Instruments, GE Aerospace, IBM, Analog Devices and Airbnb
gained 1 to 2.5 percent.
Nike, Verizon Communications, Eli Lilly and Nvidia ended
weak.
In overseas trading, Asian stocks ended mixed on Tuesday as
investors pondered what the U.S. Supreme Court’s immunity decision
meant for former president Donald Trump.
European stocks closed lower, weighed down by the developments
on the political front in the region, comments from some ECB
officials that the central bank is unlikely to cut interest rates
anytime soon, and lingering uncertainty about the outlook for U.S.
interest rates.
SOURCE: RTTNEWS
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