On Thursday, the major indices on Wall Street rose significantly from the start. The Nasdaq rose as much as 1.6 percent in after-hours trading, after July core inflation showed moderate growth in core prices.
However, the rise did not last long. After Federal Reserve Chair Mary Daly warned of victory early, the rally slowed and the indices eventually ended up with a soft edge.
On the last trading day of the week, the mood in the market has completely changed since trading started on Thursday.
When Wall Street opened at 3:30 p.m., the major indexes were pointing lower. At 5 p.m., the Dow is up, while the Nasdaq and S&P 500 are still falling:
- The technology-heavy Nasdaq index fell 0.7 percent.
- The Dow Jones Industrial Average rose 0.1 percent.
- The Standard & Poor’s 500 Index fell by 0.3 percent.
This decline comes after the producer price index, which measures the evolution of prices of goods in the producers’ sector when they are sold to the US market and exported, increased by 0.3 percent in July compared to the previous month, according to the Wall Street Journal. It is the biggest rise since January this year. Upfront, an increase of 0.2 percent was expected, Trading Economics wrote.
At the same time, it strengthened the market’s belief that inflation is slowing, and that the Federal Reserve will halt or end the tightening monetary policy that has been in place since March 2022, the paper writes. (conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For more terms see here.
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