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24/06/24
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Stocks Across U.S. Recorded Mixed Performance
Stocks across the United States recorded a mixed performance on June 24, staying close to record highs as major inflation data remained the focus this week for more clues on interest rates.
The Dow Jones Industrial Average rose by over 1.0 percent while S&P 500 was up by 0.12 percent and the NASDAQ Composite was down by over 0.5 percent around 2:55 p.m. (GMT). The enthusiasm around AI has enhanced the performance of major indices such that they are still near lifetime highs.
The broad-based S&P 500 index has risen by almost 15 percent since the beginning of this year, while the tech-heavy Nasdaq Composite is up by about 18 percent. The Dow Jones Industrial Average’s gains have been limited to below 4 percent in H1 2024.
However, investors may be compelled to take profit with these significant gains and bring about retracements. Bloomberg’s survey showed that 52 percent think that the S&P 500 is overpriced. According to 49 percent of the survey respondents, S&P 500 will record a 10 percent retracement this year.
Markets are now focused on the core personal consumption expenditures price index, which will be released on Friday, being the Fed’s most preferred gauge for inflation. The reading is likely to be considered for rate cuts expectations.
Wall Street indexes rose to significant highs this month on expectations that the Fed will eventually lower interest rates. FedEx will report its earnings for the quarter which ended last month on June 25, followed by Micron Technology on June 26 as well as Nike and Walgreens Boots Alliance on June 27.
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