Market Commentary - Foreign Markets
US Stocks Finish Week On Mixed Note As on : 24-Jun-24  10:23

US equities put up a mixed performance on Friday accessing recent US economic data and as markets looked to lean sideways after the Nasdaq and the S&P 500 hit new record intraday highs during the week. The major averages spent the day bouncing back and forth across the unchanged line. The major averages eventually ended the day narrowly mixed. While the Dow inched up 15.57 points or less than a tenth of a percent to 39,150.33, the Nasdaq dipped 32.23 points or 0.2 percent to 17,689.36 and the S&P 500 dipped 8.55 points or 0.2 percent to 5,464.62. For the holiday-interrupted week, the Dow jumped by 1.5 percent and the S&P 500 climbed by 0.6 percent, while the Nasdaq was nearly unchanged.

On the U.S. economic front, the National Association of Realtors released a report showing existing home sales in the U.S. decreased roughly in line with economist estimates in the month of May. The report said existing home sales slid 0.7 percent to an annual rate of 4.11 million in May after tumbling by 1.9 percent to an annual rate of 4.14 million. A separate report released by the Conference Board showed its reading on leading U.S. economic indicators fell by more than expected in the month of May. The Conference Board said its leading economic index decreased by 0.5 percent in May following a 0.6 percent decline in April.

In the bond market, treasuries showed a lack of direction over the course of the session before closing roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 4.257 percent. The dollar index also stayed well above 105 mark.

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