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17/06/24
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Wall Street Lower with Focus on Fed Comments, Data
On Monday, Wall Street’s main indexes inched down as investors waited for comments from Federal Reserve officials and new economic data this week for more clues on monetary policy.
Megacaps Microsoft and Apple kept a lid on losses with gains of 0.9% and 0.3%, respectively. AI chip leader Nvidia rose 1% to reach a new record high.
Other chip stocks were also higher, pushing the Philadelphia SE Semiconductor index to a new high. U.S.-listed shares of Taiwan Semiconductor Manufacturing Co and Broadcom were around 3% higher each, while Micron Technology surged 2% after brokerages raised price targets.
Autodesk soared 4.5% after it was reported that Starboard Value had purchased an about $500 million stake in the software developer.
Among the 11 S&P 500 sector indexes, technology was the biggest gainer.
On Friday, the Dow was the only major index to record weekly losses, while the S&P 500 hit multiple all-time peaks in the previous week and the Nasdaq recorded its fifth straight record closing high.
Some investors are however worried about the equity rally’s sustainability.
The Dow Jones Industrial Average was 91.66 points, or 0.24% lower, at 38,497.50, the S&P 500 was 5.63 points, or 0.10% lower, at 5,425.97, and the Nasdaq Composite was 17.42 points, or 0.10% lower, at 17,671.46.
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