In the US stock market, the three major stock indexes rose across the board. In addition to continuing to digest the results of the US Federal Open Market Committee (FOMC) from the previous day, there was also a mix of strong and weak corporate earnings and economic indicators. One day shooting (2024 Reuters/Stefan Jeremiah)
NEW YORK (Reuters) – The three major stock market indexes in the U.S. stock market rose across the board. In addition to continuing to digest the results of the US Federal Open Market Committee (FOMC) from the previous day, there was also a mix of strong and weak corporate earnings and economic indicators.
The US Federal Reserve (FRB) decided to keep interest rates unchanged at the FOMC meeting held from April 30th to May 1st. Chairman Powell said it would likely take longer than previously expected to gain the “greater confidence” needed to begin lowering rates, leaving uncertainty as to whether the Fed would begin cutting rates before the end of the year.See more
“The key point is that the Fed’s bias remains either to hold interest rates the same or to lower them,” said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest. “The Fed has no intention of raising rates; it will keep them there and move quickly to lower rates if there is any sign of economic weakness or falling inflation,” he said.
U.S. economic indicators released on the 2nd showed overall solid results, with the number of unemployment insurance claims remaining flat, layoffs decreasing, and non-agricultural sector labor productivity (preliminary figures) increasing in the first quarter. All eyes will be on the US employment statistics for April, which will be announced on the 3rd.
The first quarter US corporate earnings season is coming to an end. Of the 373 companies included in the S&P 500 Index that have announced financial results so far, 77% have exceeded market expectations.
Semiconductor giant Qualcomm (QCOM.O) New Tab, opens new tab rose about 9.7%, pushing up the Nasdaq Composite. Both sales and profit forecasts for the third quarter (April-June) exceeded analysts’ expectations. See more Meanwhile, food delivery app DoorDash (DASH.O) New Tab, opens new tab plunged about 10.2%. The profit outlook was disappointing. Nine of the 11 major S&P sectors rose. While information technology (.SPLRCT) New Tab, opens new tab led the rise, the decline in materials (.SPLRCM) New Tab, opens new tab was noticeable.
Advancing issues outnumbered declining issues on the New York Stock Exchange by a 3.63-to-1 ratio. The NASDAQ also had a 2.29-to-1 ratio of rising stocks.
The total trading volume on US exchanges was 11.19 billion shares. The average for the last 20 business days was 11.04 billion shares.
This is a provisional value based on LSEG data.Changes from the previous day may not match *US stock market
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