Market Commentary - Foreign Markets
US stocks finish week marginally higher As on : 12-Aug-24  11:00

US equities managed to end higher on Friday although amid a relatively lackluster performance. The major averages on the Wall Street finished the session off their highs of the day but still in positive territory. The Dow edged up 51.05 points or 0.1 percent to 39,497.54, the Nasdaq climbed 85.28 points or 0.5 percent to 16,745.30 and the S&P 500 rose 24.85 points or 0.5 percent to 5,344.16. For the week, the S&P 500 edged down by less than a tenth of a percent and the Nasdaq dipped by 0.2 percent, while narrower Dow slid by 0.6 percent.

The higher close on Wall Street came as stocks continued to recover from recent selling sparked by concerns about the outlook for the U.S. economy. All the sectors ended in the green, except materials. Notable moves included Expedia, whose shares surged 10.2% after the company reported second-quarter results that exceeded expectations. Eli Lilly also saw a boost, up 5.5%, after multiple Wall Street firms, including Morgan Stanley, raised their price targets on the company's stock.

US treasuries regained ground 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, slid 5.5 basis points to 3.942 percent. The dollar index remained above 103 mark as investors await a slew of data this week that could add to clarity on Federal stance going forward. US producer inflation data, consumer inflation and retail sales numbers are slated for the week.

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