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
Stocks Climb Before the Open After Fed Decision, Apple Earnings on Tap
Barchart - 7 minutes ago
June S&P 500 E-Mini futures (ESM24) are up +0.58%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.77% this morning after Federal Reserve Chair Jerome Powell appeared to rule out the possibility of...
Stock market today: Global markets wobble after Fed sticks with current interest rates
AP - 1 hour ago
World markets are wobbling after U.S. stocks swung to a mixed finish with the Federal Reserve delaying cuts to interest rates
Microsoft will invest $2.2 billion in cloud and AI services in Malaysia
AP - Thu May 2, 2:07AM CDT
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
Stock market today: Asian markets follow Wall Street swings after Fed keeps interest rates high
AP - Thu May 2, 12:38AM CDT
Asian markets are wobbling in early trading after U.S. stocks swung to a mixed finish with the Federal Reserve delaying cuts to interest rates
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...
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