Stock Market Overview
Wed, May 1st, 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
Federal Reserve says interest rates will stay at two-decade high until inflation further cools
AP - 43 minutes ago
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 - 1 hour ago
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?
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This prominent paint industry player has been raising dividends for more than four decades.
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A deep-seated dichotomy exists between the mind and the spirit in the vast expanse of human consciousness. This dichotomy, often overlooked, forms the very essence of our existence. Many of us believe...
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When we think of financial freedom, images of opulence, luxury, and worry-free living often come to mind. However, the true essence of financial freedom lies not in extravagant wealth but in having sufficient...
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