Market Commentary - Foreign Markets
US equities Close Mixed, Tech Sector Rebounds As on : 26-Jun-24  10:19

Equities in the US stock market extended a mixed performance on the Wall Street overnight with the S&P 500 and the Nasdaq adding gains, snapping a three-day losing streak, while the Dow Jones dropped. The Dow settled with a loss of 299.05 points or 0.76 percent, at 39,112.16. The Nasdaq climbed up 220.84 points or 1.26 percent, to 17,717.65, while the S&P 500 ended up by 21.43 points or 0.39 percent, at 5,469.30.

The tech sector outperformed following a significant sell-off the previous day, during which investors shifted away from semiconductor and artificial intelligence stocks to other sectors. Nvidia shares surged by 6.7%, halting a three-day losing streak that had wiped more than $400 billion from the company's market capitalization.

Investors now look ahead to the release of some crucial U.S. data, including a report on consumer income and spending, for more clarity about the outlook for Federal Reserve's interest rates. Federal Reserve (Fed) Governors Michelle Bowman and Lisa Cook on Tuesday suggested that the central bank is unlikely to kick start its rate-cutting cycle anytime soon amid a resilient US economy.

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