Market Commentary - Foreign Markets
US Equities End Lower As on : 24-Jul-24  10:44

US stocks turned lackluster to end the session on a muted note on Tuesday amid uncertainty about the outlook for the markets following recent volatility. The major averages on the Wall Street eventually ended the day modestly lower. The Dow slipped 57.35 points or 0.1 percent to 40,358.09, the Nasdaq edged down 10.22 points or 0.1 percent to 17,997.35 and the S&P 500 dipped 8.67 points or 0.2 percent to 5,555.74. Google parent Alphabet closed slightly higher, while electric vehicle manufacturer Tesla saw a 1.9% decline, pulling back from a 5.1% gain in the previous session.

Focus now shifts to US Q2 GDP and the US Personal Consumption Expenditures (PCE) Price Index data on Thursday and Friday, respectively. The report on personal income and spending in June, which includes readings on inflation said to be preferred by the Federal Reserve. The data could have a significant impact on the outlook for interest rates, with the Fed currently widely expected to lower interest rates by a quarter point in September.

US treasuries moved higher after trending lower over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped marginally to 4.25 percent. US dollar index is quoting at 104.17.

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