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Wall Street opens mixed, awaiting words from Federal Reserve Chairman

Wall Street opens mixed, awaiting words from Federal Reserve Chairman

Wall Street opens mixed, awaiting words from Federal Reserve Chairman

Wall Street opened on Tuesday in mixed territory, with the Dow Jones Industrial Average, its main indicator, down 0.28% to 39,236 points, while investors have their eyes set on the statements to be made today by the president of the Federal Reserve (Fed), Jerome Powell.

Thirteen minutes after the market opened, the S&P 500 index was up 0.21% to 5,584 points, while the Nasdaq technology index was up 0.39% to 18,476 points.

Today, the market will closely watch Powell’s semi-annual speech before the US Senate Banking Committee in order to find any clues as to when the central bank might start making interest rate cuts..

Traders are expecting the US central bank to cut rates in September amid recent economic data that show the economy is gradually cooling.

Traders are expecting the US central bank to cut rates in September amid recent economic data that show the economy is gradually cooling.

The current market environment is generally positive, driven by a slowing economy, investor hopes for rate cuts in September, enthusiasm for artificial intelligence (AI) and declining geopolitical risks, says analyst Tom Essaye in his Sevens Report.

However, Essaye notes that “although the outlook for equities is positive, this market remains highly valued given the current macroeconomic reality and is at risk of a sharp and sudden pullback.” Meanwhile, the benchmark 10-year Treasury bond yield rose to 4.295%.

By sector, the gains were led by the communication sector (0.63%) and the technology sector (0.48%), while the biggest losses were in the energy sector (-0.93%) and the raw materials sector (-0.43%). Among the 30 stocks in the index, Dow The advances of Intel (1.84%) and Nike (0.75%), and the decreases in Amgen (-0.99%) and Dow (-0.95%).

In other markets, the price of West Texas Intermediate (WTI) crude oil opened on Tuesday with a drop of 0.57%, to $81.86 a barrel, after Hurricane Beryl passed through the Gulf Coast without causing any apparent damage to the infrastructure for refining, production and export of crude oil.

Source: Elcomercio

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