Stock Market Overview
Thu, May 2nd, 2024
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Stocks Pressured on the Prospect of Higher for Longer Interest Rates
Barchart - Wed May 1, 3:33PM CDT
The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.70%.
US stock indexes Wednesday settled mixed. Stock prices whipsawed higher Wednesday afternoon after bond yields tumbled when Fed Chair Powell said it was unlikely that the next policy rate move by the Fed would be a rate hike. However, the broader market gave up its advance and turned lower into the close on the prospect of higher for longer interest rates.
The overall market was also under pressure after Wednesday’s report on the Apr ADP employment change rose more than expected, which signals strength in the US labor market that reinforces the case for the Fed to hold off on interest rate cuts. Also, an unexpected increase in the Apr ISM prices paid sub-index to a 1-3/4 year high signals persistent price pressures that are hawkish for Fed policy.
Corporate earnings results Wednesd... Read more
Microsoft will invest $2.2 billion in cloud and AI services in Malaysia
AP - 1 hour ago
Microsoft CEO Satya Nadella says the company will invest $2.2 billion over the next four years in new cloud and artificial intelligence infrastructure in Malaysia
More money is going to African climate startups, but a huge funding gap remains
AP - Wed May 1, 10:05PM CDT
African climate-tech startups are increasingly raising money from private sources, but while those funds for climate solutions are growing, a huge gap remains in meeting the actual financial needs for...
Federal Reserve says interest rates will stay at two-decade high until inflation further cools
AP - Wed May 1, 8:53PM CDT
The Federal Reserve emphasized that inflation has remained stubbornly high and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably...
Elimination of Tesla's charging department raises worries as EVs from other automakers join network
AP - Wed May 1, 8:28PM CDT
Elon Musk’s move to lay off the department responsible for Tesla’s electric vehicle chargers has touched off worries in the auto industry that EVs from other automakers will have trouble joining Tesla’s...
Down 12% from Highs, Should You Buy the Dip in This Dividend Aristocrat?
Barchart - Wed May 1, 6:30PM CDT
This prominent paint industry player has been raising dividends for more than four decades.
Understanding volatility in the stock market
Due Inc. - Wed May 1, 6:26PM CDT
Over the past 18 months, the stock market has been nothing short of a rollercoaster ride for investors. Fear has once again gripped the market, and the trend over the past month has been anything but friendly....
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