Market Commentary - Foreign Markets
US Equities Finish Modestly High; US PCE Data Awaited As on : 28-Jun-24  10:55

US stocks ended modestly higher on Thursday even as investors closely watch the release of key inflation data on Friday. The Commerce Department is due to release its report on personal income and spending in the month of May, which includes readings on inflation said to be preferred by the Federal Reserve. Among the major averages, Dow crept up 36.25 points or 0.1 percent to 39,164.06, the Nasdaq rose 53.53 points or 0.3 percent to 17,858.68 and the S&P 500 inched up 4.97 points or 0.1 percent to 5,482.87. However, most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets.

Meanwhile, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits fell by more than expected in the week ended June 22nd. The Labor Department said initial jobless claims dropped to 233,000, a decrease of 6,000 from the previous week's revised level of 239,000. Another report showed durable goods orders inched up by 0.1 percent in May after rising by a downwardly revised 0.2 percent in April.

In the bond market, treasuries moved back to the upside following the weakness seen on Wednesday. The US benchmark 10-year treasury yields is at near two-week high above 4.3% and dollar index is quoting at 105.71, up 0.13% on the day.

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