NEW YORK — US stocks are drifting on Wednesday and near the edge of a new bull market for Wall Street.
THE&P 500 was down 0.1% at midday after giving up an earlier gain that put it above the 4,292.44 level. If it ends the day there, the main measure of the health of US stock markets would be 20% higher than it was in mid-October. This in turn would signal the end of its painful bear market, which began in early 2022.
The Dow Jones Industrial Average rose 48 points, or 0.1%, to 33,621 as of 11 a.m. EST, while the Nasdaq composite was down 0.5%.
Brown Forman rose 2.6% after the spirits company posted stronger earnings last quarter, thanks in part to the growth of its Woodford Reserve brand. Dave was also on the winning side & Busters, which jumped 24.5% after reporting higher-than-expected earnings for the last quarter.
Campbell Soup, meanwhile, fell 5.7% after reporting weaker-than-expected revenue for the last quarter. It also gave a full-year profit forecast that fell short of analysts’ expectations as price hikes cause some customers to buy less.
The broader market has soared for months on the back of a resilient economy that managed to defy recession forecasts, as well as soaring performance for a handful of big tech companies. Even as it moves from a bear market to a new bull market, many challenges remain.
Chief among them is the question that has plagued Wall Street from the start. Which will come first: a recession or a sufficient drop in inflation to cause the Federal Reserve to lower its interest rates?
That’s why much of Wall Street’s attention is on next week. The US government is expected to release the latest monthly consumer and wholesale inflation updates. The Federal Reserve will also hold its next interest rate meeting.
The prevailing expectation among traders is that the Fed will leave rates stable next week. It would mark the first meeting in more than a year where he did not raise rates. But traders still expect the Fed to start raising rates again in July.
This is key because the purpose of high interest rates is to contain high inflation by slowing the overall economy and hurting the prices of stocks, bonds and other investments. The Fed raised its overnight rate to its highest level since 2007.
Pressure from high rates has already caused cracks in the US banking and manufacturing sectors, although the labor market has remained remarkably strong.
Even though the S&P 500 is close to a bull market, almost as many stocks in it are down for 2023 to the upside.
An expected boost to the global economy failed to materialize, adding to the pressure. In China, trade data points to a further slowdown in the world’s second-largest economy.
China reported that its exports fell 7.5% from a year earlier in May and its imports fell 4.5%, adding to signs of a slowdown in its economic recovery after the lifting in December of anti-COVID controls that have disrupted travel and trade.
The decline in exports was the first year-on-year in three months as export volumes fell below their levels at the start of the year. And with the worst yet to come for many developed economies, we believe exports will continue to slide before bottoming out later this year, said Julian Evans-Pritchard of Capital Economics in a commentary.
Shanghai shares gained 0.1%, while Hong Kong’s Hang Seng rose 0.8%.
Tokyo’s Nikkei 225 index lost 1.8%, the biggest drop in 12 weeks. Analysts said investors were selling to lock in recent gains as prices hit their highest level since the early 1990s.
In Europe, stock market indices fell slightly.
In the bond market, the 10-year Treasury yield rose to 3.75% from 3.68% on Tuesday evening. It helps set the rates for mortgages and other large loans.
The two-year yield, which moves more in line with Fed expectations, rose from 4.50% to 4.59%.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Oregon hunters advised to test deer, elk meat for disease
- London police officers are handing in their guns
- Have you gotten your shot? 5 things to know about the new COVID-19 vaccine.
- Everyday chemicals linked to increased cancer risk, especially in women
- Honour killings: ‘If my parents found me, they could kill me’ – BBC News
- How life is changing for Italy’s gay families – BBC News
- New immunology study highlights importance of COVID vaccination of those who have already been exposed to the virus
- Second ship carrying Ukrainian grain reaches Turkey – BBC News
- Is it possible in mice to restore walking after paralysis from spinal cord injury?
- Sample of Solar System’s most dangerous asteroid lands on Earth – BBC News
- Neural circuitry of mouse mothers to pups’ calls deciphered
- Inside Russia’s Post-Prighozin Plans in Africa