The S&P 500 and Nasdaq were higher in Thursday’s session after the latest economic data showed that inflationary pressure is easing, with the Dow continuing its decline.
In particular, Mr Dow Jones down 0.59% to 38,484.95, the S&P 500 rose 0.10% to 5,426.67 and the Nasdaq Composite rose 0.64% to 17,721.53.
THE There is a producer price index It decreased by 0.2% from last month, while economists polled by Dow Jones expected a 0.1% increase. This report comes a day after its publication It could be the consumer price indexwhich rose below the forecast.
Thursday’s data also follows the Federal Reserve’s decision on its next monetary policy. The Fed announced that the interest rate will remain unchanged, but emphasized that progress has been made in the face of inflation. As such, the central bank expects to reduce the rate within 2024.
“Not surprisingly, the Fed left policy unchanged while continuing to keep the possibility of rate cuts open this year,” wrote James McCann, an economist at abrdn. “The downward movement of the CPI is encouraging and with most members (including the Fed committee) torn between one or two cuts we would not be surprised to see the value market flirting with more cuts at this year’s rate.”
Broadcom stock jumped 14.08% after the company beat expectations for its fiscal second quarter and announced a 10-for-1 stock split Meanwhile, shares of Dave & Buster’s Entertainment fell 11.28% , following the company’s first quarter earnings. came in below the estimate.
Current actions follow a strong session for the S&P 500 and the Nasdaq Composite where they hit new all-time highs, closing at record levels.