2023-06-13 16:48:23
US stocks rose on Tuesday, after fresh inflation data showed that price pressures slowed again in May, adding to investor optimism that the Federal Reserve may skip a rate hike when it makes its next policy decision, Wednesday.
The Standard & Poor’s index gained 0.4%, up to 4,356.49 points, the highest level in a year. The Dow Jones Industrial Average rose 0.3% to 34,164.85 points. The Nasdaq index advanced 0.12% to 13,478.20 points, the highest level in a year as well.
And a report showed, on Tuesday, that the consumer price index in May rose by 4% on an annual basis, recording the slowest annual rate since March of 2021.
After the report, traders raised their bets that the Federal Reserve will keep interest rates unchanged today, Wednesday, after rising 10 consecutive increases. And the last possibilities gave a 99% chance that the central bank would maintain interest rates at the current target rate from 5% to 5.25%, according to the “Feed Watch” department of the “CME” group.
Technology stocks led the gains, as slowing inflation boosted optimism in the sector. Oracle shares jumped 5%, after beating Wall Street estimates for the fourth quarter of the fiscal year. Shares of “Netflix” and “Meta” jumped 2.4% and 1.2%, respectively.
european
European stocks rose on Tuesday, supported by gains in the technology sector, amid growing optimism that the US Federal Reserve will not raise interest rates during its meeting on monetary policy.
The European Stoxx 600 index rose 0.5%, with the interest rate-sensitive technology sector index rising 1.5%.
Investors hope that US inflation data, which will be released later, will show a decline in prices in May, which will enhance bets that the US Central Bank will not raise interest rates when it makes its decision today, Wednesday.
Embriser shares jumped 5.2%, topping stocks on the Stoxx 600 index, after the Swedish video game group announced a restructuring program to cut costs and investments, including spending on developing new products.
(agencies)
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