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Wall Street closes mixed after Federal Reserve optimism about lowering rates

Wall Street closes mixed after Federal Reserve optimism about lowering rates

Wall Street closes mixed after Federal Reserve optimism about lowering rates

Wall Street closed on Tuesday in mixed territory on a day in which the Federal Reserve (Fed) conveyed a message of optimism about a future drop in interest rates, after “modest progress” regarding inflation.

At the end of the day in the NYSE (NYSE), he Dow Jones fell 0.13% (to 39,292 points) compared to the 0.07% advance in the S&P 500 (5,577 units, a new record for the index) and 0.14% in the Nasdaq (18,429 points).

The most recent inflation readings have shown some modest progress and further good data would strengthen our confidence that inflation is moving sustainably towards 2%.“, said the president of the FedJerome Powell, speaking before the Senate Banking Committee.

Powell insisted that the Fed does not believe it is “appropriate” to cut interest rates until it has “gained greater confidence that inflation is moving sustainably toward 2%.”

In May, the last known data, the inflation fell by one-tenth to 3.3%, and June’s statistics will be released this week. Bets on the first rate cut are concentrated in September, according to the CME FedWatch tool.

In addition, second quarter results from three major US banks – JPMorgan Chase, Wells Fargo and Citigroup – are expected on Friday, which will serve as a barometer for consumers along with other well-known firms..

By sector, the most notable sectors were the 1.01% drop in raw materials and the 0.94% drop in energy, while the financial sector (0.65%) and healthcare (0.43%) were the sectors that rose the most.

Among the 30 listed companies Dow JonesThe biggest gains were for Intel (1.77%), followed by Goldman Sachs (1.72%), and the biggest losses for Dow Inc (-2.31%), Salesforce (-1.77%) and Microsoft (-1.44%).

The semiconductor manufacturer also Nvidia‘the pretty girl’ of Wall Street driven by artificial intelligence, rose 2.48% during Tuesday’s session.

Elsewhere, Texas crude oil fell to $81.41 after Hurricane Beryl left no substantial damage to the Gulf Coast’s production and refining infrastructure; at the close of trading, the 10-year bond was up 4.294%; gold rose to $2,370 an ounce and the euro was trading at $1.0815.

Source: Elcomercio

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