U.S. Stocks Close Flat After Cautious Session; Nasdaq Outperforms
June 26 2024 - 5:04PM
IH Market News
U.S. stocks closed slightly higher on Wednesday after a somewhat
sluggish session as investors made cautious moves while awaiting
the release of personal consumption expenditures price index
report, due on Friday.
Data on first quarter GDP, durable goods orders for the month of
May, and jobless claims report are also due this week.
The major averages all closed on the positive side. Technology
stocks outperformed, lifting the Nasdaq (NASDAQI:COMP) by 87.5
points or 0.49 percent, to 17,805.16. The Dow ended up by 15.64
points or 0.04 percent at 39,127.80, while the S&P 500 settled
at 5,477.60, gaining 8.60 points or 0.16 percent.
Bank stocks were in focus ahead of the central bank’s annual
stress test. Shares of energy firms struggled a bit due to sluggish
oil prices.
Amazon (NASDAQ:AMZN) rallied about 4 percent, and the surge
lifted the stock’s market cap past $2 trillion.
Apple Inc, Tesla Inc., Walmart, Home Depot, United Parcel
Service and Boeing gained 1 to 4 percent.
Automatic Data Processing (NYSE:ADP) shares dropped more than 4
percent. Dell Technologies, Analog Devices, Pfizer, Morgan Stanley,
Amgen, Cisco Systems, Qualcomm, Chevron, Advanced Micro Devices and
Merck lost 1 to 3 percent.
On the economic front, a report released by the Commerce
Department showed new home sales in the U.S. saw a substantial
decrease in the month of May, plunging by 11.3 percent to an annual
rate of 619,000, after jumping by 2.0 percent to a revised rate of
698,000 in April.
Economists had expected new home sales to rise to an annual rate
of 640,000 from the 634,000 originally reported for the previous
month.
Meanwhile, building permits in the U.S. fell by 2.8 percent to a
seasonally adjusted annual rate of 1.399 million in May, revised
higher from a preliminary estimate of 1.386 million.
In overseas trading, Asian stocks ended mostly higher on
Wednesday as a rebound in tech stocks helped offset hawkish
comments from Federal Reserve officials.
Amid much uncertainty about the interest-rate outlook, investors
braced for the release of key U.S. inflation reading, due later
this week for directional cues.
European stocks failed to hold early gains and drifted lower on
Wednesday as investors chose to lighten commitments ahead of some
crucial economic data from the U.S., including a report on personal
income & spending, and amid uncertainty about the outlook for
interest rates.
SOURCE: RTTNEWS
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