2024-05-09 07:15:41
Today’s meeting ended with mixed signs Wall Street, amid a retreat in some tech led mainly by Tesla and Alphabet.
THE Dow Jones closed up 0.44%, or 172.13 points, at 39,056.39, with the index recording its longest bull run in 2024.
On the contrary, the S&P 500 closed with a marginal fall, remaining essentially stagnant at 5,187.67 units, below 5,200, while Nasdaq retreated by 0.18% to close at 16,302.76 points.
Uber shares fell 5.7% after the ride-hailing company reported unexpected net losses and lower-than-expected booking revenue, while Intel lost more than 2% as it downgraded its outlook for second quarter revenue.
Tesla fell 1.7% as Reuters reported that US prosecutors have launched an investigation into whether the company committed fraud in its self-driving systems.
However, Amgen and JPMorgan Chase were the two companies that supported the Dow the most with gains of more than 2% each.
Investors are also watching the statements of Fed officials with interest. Boston Regional Fed President Susan Collins said the Fed may need to keep interest rates at current levels until inflation falls significantly closer to its 2 percent target.
However, the fact that investors were not convinced to buy in the last round of recovery in US stocks shows that the market is not purely bullish, according to Citigroup strategists. The market is showing limited enthusiasm and very little increase in risk appetite, analysts say.