The Dow New York Stock Exchange closed higher on Friday (July 1) amid light trading. Because investors bought shares on the first day of the second half before the long weekend this weekend. The markets will be closed on Monday, July 4, on the occasion of the National Day of the United States.
The Dow Jones Industrial Average closed at 31,097.26, up 321.83, or +1.05%, the S&P500 closed at 3,825.33, up 39.95, or +1.06%, and the Nasdaq closed at 11,127.85, up 99.11, or +0.90%.
But in this week The Dow was down 1.3%, the S&P500 was down 2.2% and the Nasdaq was down 4.1%.
All 11 stocks in the S&P500 closed up, with utilities gaining the most percentage points.
But the chipmaker’s shares continued to fall sharply. After Micron Technology Company warned regarding slowing demand Micron shares were down 2.9 percent, and the Philadelphia semiconductor index was down 3.8 percent.
for the market direction in the next period Investors will keep an eye on the listed company’s second-quarter earnings releases, the U.S. June employment report. and the Federal Reserve’s (Fed) monetary policy meeting in July.
analysts expected Profitability of listed companies will be affected by rising inflation. and reduced consumer demand
The data from the Refinitive states that Analysts expected Listed companies’ earnings in the second quarter will expand 5.6%, down from the 6.8% expected in the beginning of the quarter.
For the US economic data released on Friday, S & P Global said. Purchasing Managers Index (PMI) US final manufacturing dropped to 52.7 in June, the lowest level in nearly two years, or since July. 2020 and below 57.0 in May, but above the initial 52.4.
The PMI index was hit by a slowdown in new orders. amid the declining demand from foreign customers While business confidence fell to the lowest level since October. 2020 Despite the rise in employment, the PMI remains above 50, indicating the expansion of the US manufacturing sector.
The Institute for Supply Management (ISM) said its manufacturing index fell to 53.0 in June, the lowest level in two years since June. 2020 and below analysts’ forecast of 54.9 from 56.1 in May.
The manufacturing index was hit by a slowdown in new orders. It contracted for the first time in two years, while employment declined as well. However, the index remained above 50, indicating that the US manufacturing sector continued to expand.