The Dow New York Stock Exchange closed higher on Tuesday (May 3), boosted by investors buying energy and banking stocks. Before the Federal Reserve (Fed) announces its resolution on Wednesday, US time. or in the early morning of Thursday, Thai time
The Dow Jones Industrial Average closed at 33,128.79, up 67.29, or +0.20%, the S&P 500 closed at 4,175.48, up 20.10, or +0.48%, and the Nasdaq closed at 12,563.76, up 27.74, or +0.22%.
Trading conditions on the New York Stock Exchange remain volatile. The three major indices fell in the first period. Before closing, the market rebounded due to buying pressure. While investors are keeping an eye on the outcome of the Fed’s monetary policy meeting, which will be announced at 1:00 a.m. on Thursday, May 5, Thai time. Before Fed Chairman Jerome Powell will hold a press conference at 1:30 a.m. time.
The CME Group’s FedWatch Tool indicates that investors are weighing almost 100% on the Fed’s 0.50% interest rate hike at this meeting. This will be the first time since 2000 that the Fed has raised interest rates by 0.50%.
Investors are also keeping a close eye on whether the Fed will raise interest rates while reducing the balance sheet. (QuantitativeTightening : QT) in this meeting? After US inflation hit the highest level in 40 years.
Nine of the 11 stocks calculated in the S&P500 index closed in positive territory. The energy index was up 2.9 percent, Exxon Mobil was up 2.06 percent, Chevron was up 1.76 percent, ConocoPhillips was up 3.12 percent, and Halliburton was up 2 percent.
Banking stocks rose 1.3 percent, led by Citigroup up 2.83 percent, JPMorgan was up 2.14 percent, Goldman Sachs was up 1.37 percent, Bank of America was up 2.74 percent and Wells was up 2.74 percent. Fargo rose 1.12%.
Pfizer shares rose 1.97 percent after the company reported first-quarter earnings per share of $1.62, beating analysts’ expectations of $1.47, helped by revenue from the sale of a number of coronavirus vaccines. $1.32 billion and $1.5 billion in sales of Paxlovid in the quarter.
Paramount Global fell 1.29 percent after the company posted first-quarter revenue of $7.33 billion. Below expectations of $7.38 billion.
Shares of U.S. cosmetics giant Estee Lauder fell 5.8 percent after the company cut its fiscal 2022 profit forecast on the impact of the lockdown in China to curb the spread of the epidemic. Covid-19 and the impact of the Russo-Ukrainian War
Investors keep an eye on the US non-farm payrolls for the month of April. The US Department of Labor will release the information on Friday. While analysts predicted that 390,000 jobs will increase in April and the unemployment rate will drop to 3.5%.