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Stock Market Today: Live Updates

Traders work on the floor of the New York Stock Exchange on June 18, 2024.

Spencer Platt | Getty Images News | Getty Images

WE S&P 500 Futures Contracts fell Thursday morning after the S&P 500 rose for a second day.

S&P 500 Futures Contracts and Nasdaq 100 Futures fell 0.22% and 0.28%, respectively. Dow Jones Industrial Average futures fell 72 points, or 0.18%.

Micron Shares fell 5% in extended trading after the chipmaker issued fourth-quarter revenue guidance in line with estimates, even though the company beat third-quarter expectations. Levi Strauss fell 12% after the jeans maker’s latest quarterly earnings disappointed investors.

Banking stocks were in focus after the Federal Reserve said on Wednesday that America’s largest companies were capable of withstanding a severe recession scenario. Goldman Sachs shares slipped 1.7%, while JPMorgan Chase shares rose slightly.

During Wednesday’s regular session, the S&P 500 closed up 0.2%, while the Nasdaq Composite gained 0.5%. At the same time, the Dow Jones Industrial Average gained 15.64 points, or 0.04%.

Stocks are in a holding pattern as Wall Street awaits the latest inflation data on Friday with the release of the May personal consumption expenditures price index. Investors hope the report will show an easing of price pressures, which could increase the likelihood that the Fed will cut interest rates later this year.

Even with sluggish trading activity, large-cap technology companies continued to outperform on Wednesday, rebounding from a recent decline. Amazon shares hit a record high on Wednesday, surpassing $2 trillion in market capitalization for the first time.

Still, investors are wondering whether the artificial intelligence business can continue to support markets in the second half of this year, or whether the recovery will need to broaden. Strategists surveyed by CNBC Pro forecast that the S&P 500 will likely finish the year just 1% higher than current levels.

“We’re in an environment right now where the market is sort of aligned with the Fed,” Brian Levitt, global markets strategist at Invesco, said on CNBC’s “Closing Bell” Wednesday. “And what we’re probably going to need is more anticipation in this market that the inflation story is really behind us, that the Fed can cut rates and that the soft landing occurs. »

Corporate results continue Thursday with the publications of Walgreens Boot Alliance And Nike.

On the economic front, traders will also be watching the latest information on weekly jobless claims, durable goods orders and pending home sales.

News Source : www.cnbc.com
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