Market Commentary - Foreign Markets
US Equities End On Firm Note As on : 03-Jul-24  09:55

US equities climbed higher, and continued to gain strength to eventually end the day's session a firm note. The major averages all ended on a firm note, with the Nasdaq outperforming the Dow and S&P 500. The Dow ended with a gain of 162.33 points or 0.41 percent at 39,331.85. The S&P 500 settled at 5,509.01, gaining 33.92 points or 0.62%, while the Nasdaq advanced 149.46 points or 0.84 percent, to 18,028.76. Tesla Inc. shares soared more than 10 percent, after the company reported higher than expected sales in the April-June quarter.

Recent inflation data does suggest a disinflationary trend in the U.S. economy, but more evidence is needed before policymakers can cut interest rates, Federal Reserve Chair Jerome Powell said Tuesday. We just want to understand that the levels that we're seeing are a true reading of underlying inflation, Powell said in a speech at a European Central Bank-sponsored central banking forum in Sintra, Portugal.

On the economic front, data from the Labor Department showed the number of job openings rose to 8.140 million in May, up 221,000 from a month earlier. Investors looked ahead to the release of the Labor Department's closely watched monthly jobs report on Friday.

On the political front, the U.S. Supreme Court's ruling that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office, has stoked speculation about the possibility of another Trump presidency.

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