Sat. Jun 22nd, 2024

Rate hikes tension Wall Street opens down.

By knl9j Apr3,2024
News

As a result of the increase in bond rates and the concern that high inflation will continue to be a problem in the United States, the New York Stock Exchange began lower compared to the previous trading day.

During the early trading session, the Dow Jones index saw a loss of 0.95 percent, the Nasdaq index returned 1.19 percent, and the S&P 500 index experienced a loss of 0.84 percent.

On December 19th, New York (Reuters) – Wall Street continued its surge on Tuesday, gaining throughout the day as investors continued to look ahead to important inflation data and the Federal Reserve’s dovish policy tilt from the previous week continued to echo.

As a result of widespread gains, all three of the most important stock indexes in the United States had an increase, and the S&P 500 (.SPX) moved closer to within one percentage point of its all-time closing high, which was established in January 2022.

It would be a confirmation that the benchmark index has been in a bull market ever since it reached its lowest point in October 2022 if it were to close higher than that level.

The Federal Open Market Committee (FOMC) signaled that it had reached the end of its tightening cycle and opened the door to the possibility of rate decreases in the next year at the conclusion of the policy meeting that was held by the central bank on Wednesday.

Raphael Bostic, the President of the Federal Reserve Bank of Atlanta, stated on Tuesday that there was “no urgency” to begin reducing interest rates. This statement was made in light of the robustness of the economy and the gradual rate at which inflation is decreasing toward the 2% annual target set by the central bank.

Despite this, according to the FedWatch tool provided by CME, the financial markets are pricing in a probability of 67.5% that the Federal Reserve would undertake a 25 basis-point rate decrease as soon as March.

When Mayfield added, “the market is probably running ahead of the Fed a little bit, and the Fed is right to throw some water on that,” he was referring to the previous statement. “But the markets aren’t really buying it and the Fed is not doing much to change the narrative.”

On the economic front, a study from the Department of Commerce revealed that groundbreaking on new single-family houses increased by 18% to reach a level that was higher than it had been in the past one and a half years in November.

The S&P 1500 Homebuilding index (.SPCOMHOME), which opens a new tab, in addition to the Philadelphia SE Housing index (.HGX), which opens a new tab, both had a 1.6% and 1.2% increase, respectively.

On Thursday, the Department of Commerce is anticipated to release its conclusive analysis of the gross domestic product (GDP) for the third quarter. This will be followed by the release of its comprehensive Personal Consumption Expenditures (PCE) report on Friday, which will cover income growth, consumer spending, and most importantly, inflation.

The Dow Jones Industrial Average (.DJI) opened new tab increased by 251.9 points, which is equivalent to 0.68%, to 37,557.92. The S&P 500 (.SPX) opened new tab gained 27.81 points, which is equivalent to 0.59%, to 4,768.37. The Nasdaq Composite (.IXIC) opened new tab added 98.03 points, which is equivalent to 0.66%, to 15,003.22.

At the close of the trading day, each of the eleven key sectors that make up the S&P 500 returned to positive territory. The sectors that experienced the greatest percentage gains were energy (.SPNY), opens new tab and communication services (.SPLRCL), opens new tab.

 

After the German airline Lufthansa (LHAG.DE) disclosed that it had placed an order for forty 737-8 MAX jets with the aircraft manufacturer, Boeing (BA.N), opens new tab, experienced a 1.2% increase in its stock price.

 

The stock of Kenvue increased by 2.2% after a judge in the United States ruled in favor of the consumer health company in a lawsuit regarding the medicine Tylenol manufactured by the company.

The stock of Amgen (AMGN.O), which opens a new tab, increased by 1.1% after BMO upgraded the company’s shares to “outperform” from “market perform.”

According to the New York Stock Exchange (NYSE), the ratio of advancing issues to declining issues was 4.68 to 1. On the Nasdaq, the ratio was 2.85 to 1, favoring advancers.

The S&P 500 had 48 new highs and one new low over the past 52 weeks, while the Nasdaq Composite recorded 200 new highs and 82 new lows during the same time period.

A total of 11.61 billion shares were traded on U.S. exchanges, which is much lower than the average volume of 11.97 billion shares for the entire session for the past 20 trading days.

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