On Wednesday (26/6) the main Wall Street indices closed slightly higher, in a session of volatility and changing indicators. Investors keep their “papers” closed, waiting for the data on personal consumption expenditure next Friday, which will set the tone for inflation in the US, but also for the next move by the Federal Reserve on interest rates.
The S&P 500 closed up 8.6 points, or 0.16%, at 5,477.90 and the Dow Jones The Industrial Average gained 15.6 points, or 0.04%, to 39,127.80. The Nasdaq added 87.5 points, or 0.49%, to close at 17,805.16.
The tech index is expected to jump 18.6% in the first half due to the “explosive” increase of Nvidia. Although it traded lower for most of the day, the stock closed up 0.25%. That was a slow move after Tuesday’s 7% rise. The market value of 3.1 trillion dollars The artificial intelligence chipmaker’s stock dominates the weights of the S&P 500, but the 154% gain in 2024 raises concerns.
FedEx jumped 12% after better-than-expected fourth-quarter results. Rivian Automotive shares gained 21% after Volkswagen announced it would invest up to $5 billion in the electric vehicle company.
Several key economic data are expected to be released at the end of the week, especially regarding the personal consumption price index (PCE), the Federal Reserve’s preferred measure of inflation because it is used to decide the course of policy. in money.
The Fed now predicts only one interest rate cut this year, which is in December. However, investors “see” a 56.3% chance of a rate reduction of 25 basis points in September and two cuts at the end of the year.
At the end of the day, new US home sales fell 11.3% in April to 619,000, from a revised figure of 698,000 last month, the US Commerce Department said.
Oil prices fell today due to an increase in crude oil and gasoline inventories last week while gasoline consumption decreased. Crude oil inventories rose by 3.6 million barrels last week, according to data released by the Energy Information Administration.
Analysts had expected inventories to fall by 2.9 million barrels, according to a Reuters poll. Gasoline inventories rose by 2.7 million barrels, while analysts expected a one million barrel decline. Brent for August delivery rose 0.3% to settle at $85.25 a barrel, while West Texas Intermediate (WTI) crude for July delivery rose 7 cents to settle at $80.83 a barrel. gun.
Gold posted losses for a second straight day as the US dollar strengthened sharply, while higher yields turned investors’ eyes to bonds. The most active contract closed at its lowest level in more than 7 weeks and the spot price was seen missing the critical technical level of $2,300 per ounce.
Specifically, the gold contract for June delivery closed up 0.75% at $2,299.20 an ounce. June silver and copper contracts rose 0.25% to $28.909 an ounce and 0.15% to $4.3775 a pound, respectively.