The US stock market closed with gains in the S&P 500 and the Dow Jones Industrial Average. Picture taken in March (2024 Reuters/Brendan McDermid)
NEW YORK (Reuters) – In the US stock market, the S&P 500 (.SPX) New Tab, opens a new tab and the Dow Jones Industrial Average (.DJI) New Tab, opens a new tab continue to rise a little This comes as expectations rise again that the US Federal Reserve will cut interest rates by the end of the year.
The S&P recorded its fourth consecutive day of gains, its first consecutive rise since March, and the Dow posted its fifth consecutive day of gains for the first time since December of last year.
There was a sudden collapse in the media and entertainment giant Walt Disney Co. (DIS.N) New Tab, opens a new tab following the company’s results were a source of downward pressure on the market, but expectations for an interest rate cut were on the back of weaker-than-expected employment data last week supports market sentiment.
Disney’s second-quarter results showed that its streaming entertainment division turned profitable earlier than expected, but that was offset by a weak performance in its traditional TV and movie businesses. The stock price plunged 9.5%, the steepest drop since November 2022.
The Nasdaq Composite (.IXIC) New Tab, opens a new tab fell for the first time in four days.
“The market seems to be in a bit of a wait-and-see mode until the headline indicators are released next week,” said Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions. Next week, the Wholesale Price Index (PPI) will be published on the 14th, and the Consumer Price Index (CPI) will be published on the 15th.
Minneapolis Fed President Kashkari said on the same day that interest rates would likely remain unchanged for the rest of the year, but that there was no significant impact. See more
“The market is much more sensitive to the index than the Fed,” said Melson.
Large-cap stocks Alphabet (GOOGL.O) New Tab, opens a new tab and Meta Platforms (META.O) New Tab, opens a new tab rose 1.9% and 0.6%, respectively, pushing up major indexes . Meanwhile, NVIDIA (NVDA.O) New Tab, opens a new tab has fallen 1.7%. The Wall Street Journal (WSJ) reported that Apple (AAPL.O) New Tab, opens a new tab developing its own semiconductors for artificial intelligence (AI) software in data centers. Apple has announced a new tablet device, the iPad Pro, which has the latest independently developed semiconductor, the M4. It closed 0.4% higher. View more Electric vehicle (EV) major Tesla (TSLA.O) New Tab, opens new tab down 3.8%. According to April EV sales data released by the China Passenger Car Association (CPCA), Tesla sold 62,167 cars made in China, down 18% from the previous year. See more
This is a provisional value based on LSEG data.Changes from the previous day may not correspond to *US stock market
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