2024-05-14 08:34:56
It did not show a noticeable change Wall Street in today’s session, with traders awaiting data on US inflation and producer prices over the next two days.
However, the Dow Jones fell slightly by 81.33 points, or 0.21%, for the first time in eight bullish sessions, to close at 39,431.51. THE S&P 500 closed marginally lower by 0.02% at 5,221.42 points. On the contrary, the Nasdaq strengthened by 0.29% to 16,388.24 units.
A survey by the New York regional central bank showed that consumers raised their expectations for price increases last month in both the short and long term. On an annual basis, inflation expectations rose to 3.3%.
Shares lost their initial gains after the survey results were released. The consumer price index is expected to be released on Wednesday, while the producer price index is due on Tuesday. Economists forecast that US inflation eased marginally to 3.4% from 3.5% in March.
Of the stocks, GameStop stood out, up 87%, as “Roaring Kitty,” the Reddit stockbroker behind the 2021 short selling, appeared online for the first time in three years.
The Dow last week had its best weekly performance in 2024 with gains of more than 2%. The S&P 500 and Nasdaq rose more than 1% each during that period.
After a brief pullback, all three of Wall Street’s major stock indexes rebounded strongly and are now within touching distance of March’s all-time highs. The Dow, S&P 500 and Nasdaq are all about 1% off their all-time highs.
While value stocks continue their strong returns in Europe, growth stocks have been favored of late by an improved U.S. outlook, according to Barclays. “Yields have retreated from their recent highs, which further reinforces the improved outlook for US growth stocks,” the British bank said.