NEW YORK, New York.- This Thursday, the day on Wall Street opened in mixed terrainas investors assessed economic data indicating that inflationary pressures were slowly easing and at least not increasing.
At the opening
Fifteen minutes following the opening of the New York Stock Exchangehe Dow Jones Industrial Average fell 0.36% to 38,573 points; the selective S&P 500 advanced 0.21%, to 5,432 points, and the technology Nasdaq grew by 0.58% to 17,710 units.
Uncertain economic outlook, Fed says
The Federal Reserve (Fed) announced its decision to maintain interest rates at its current level of 5.25 to 5.5% but predicting only one possible cut in 2024, compared to the three it anticipated in March.
Still, the Open Market Committee The Fed expects the inflation indicator The central bank’s target is to keep the U.S. inflation rate at around 2%.
The Fed has been stressing for months that it needs greater confidence that the economy is making sustained progress toward price stability.
The Fed chairman himself, Jerome Powelladmitted on Wednesday that there has been “modest” progress toward that 2% goal, but did not stop repeating that the Economic outlook remains uncertain.
Hours before the Fed announcement, another piece of data was published that was well received by the market: the Consumer price index (CPI) in the United States in May fell by one-tenth compared to April, to 3.3%.
In the last 12 months, the increase in underlying inflationwhich excludes volatile energy and food prices, was 3.4%, two-tenths below the April data, and the lowest figure since April 2021.
10-year Treasury bond
Regarding the reference of the 10-year Treasury bond fell back to 4,285% on Thursday.
By sectors
The gains in the technology sector (1.27%), real estate (2.22%) and non-essential goods (0.66%) stood out, while the losses in the energy sector (-1.13%) and industrial sectors (-1.12%) predominated.
Among the 30 Dow Jones stocks, Apple (0.63%) and 3M Co (0.5%) led the way, with Caterpillar (-1.94%) and Amagen (-1.84%) falling the most.
In addition, technology company Oracle – specialized in developing cloud solutions – shot up 15% following the opening, while Tesla registered an advance of 6.76%, following its CEO – Elon Musk – assured that shareholders will approve his controversial salary package of 56 billion dollars.
In other markets, the Texas oil (WTI) opened Thursday with a drop to $78.37 a barrel, following the U.S. reported yesterday that its crude oil reserves had increased by 3.7 million barrels, while analysts expected inventories to fall.
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2024-07-08 17:00:11