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Stock market today: Wall Street drifts towards a mixed close but still breaks a few records | national news

Stock market today: Wall Street drifts towards a mixed close but still breaks a few records |  national news
Stock market today: Wall Street drifts towards a mixed close but still breaks a few records |  national news

 


NEW YORK (AP) Stocks drifted to a mostly mixed close on Wall Street Tuesday, but the S&P 500 and Nasdaq composite index still managed to hit new record highs.

The subdued trading came ahead of the release of a key inflation report and the Federal Reserve's latest interest rate policy decision on Wednesday.

The S&P 500 rose 14.53 points, or 0.3%, to 5,375.32, largely on gains in technology stocks, although more stocks fell than rose within the index. The tech-heavy Nasdaq Composite Index rose 151.02 points, or 0.9 percent, to 17,343.55. Both indexes set records for the second day in a row.

Apple did the heavy lifting for the market as a whole. It jumped 7.3% after highlighting its progress in artificial intelligence technology.

The Dow Jones Industrial Average lagged the market. It slipped 120.62 points, or 0.3%, to 38,747.42.

The key events for the market this week will take place on Wednesday, when the United States releases its latest consumer and inflation inflation update. Federal Reserve announces its latest interest rate update. The United States will also release its latest wholesale price update on Thursday.

Wall Street expects the government's consumer price index to remain unchanged at 3.4% in May. Inflation measured by the CPI is down sharply from its peak of 9.1% in 2022, but it appears to be stagnating around 3%. This has complicated the federal government's goal of bringing inflation back to its 2% target rate.

The Fed has kept its main interest rate at its highest level in more than two decades and Wall Street is currently hoping for one or two rate cuts this year. Virtually no one expects the Fed to change its main interest rate at its current meeting, which began Tuesday. Policymakers will release their latest forecasts on Wednesday on the direction they see interest rates and the economy going.

When Fed officials released their last screenings in Marchthey said the typical member expects about three interest rate cuts in 2024. That projection will almost certainly fall this time around.

Economic data has been mixed recently, and traders are hoping for a slowdown that doesn't lead to a recession and is of ideal magnitude. A slowdown would put less upward pressure on inflation, which could encourage the Fed to cut rates. A decline in interest rates could further fuel growth in the stock market as a whole. Major indexes, however, hit record highs, despite concerns about persistent inflation and high interest rates.

The economy has remained resilient thanks to support from a strong jobs market and consumer spending. Consumers are increasingly stressed, particularly those on lower incomes, and retailers have warned investors about the potential impact on profits and revenues. The U.S. labor market is showing some signs of slowing, which could dampen inflation but put more pressure on consumers.

With strong labor market numbers, inflation data will be even more important in the coming months, said Kristy Akullian, iShares head of investment strategy for the Americas.

Elsewhere on Tuesday, General Motors rose 1.3% after the automaker said its board had approved a $6 billion stock buyback. Calavo Growers jumped 8.2% after the avocado producer's latest quarterly report beat analysts' forecasts.

Banks were among the largest weights in the market. Fifth Third Bancorp fell 1% after cutting its revenue growth forecast. JPMorgan fell 2.6% and Citigroup 3.7%.

Affirm assets soared 11% following the announcement that the company's buy now, pay later will be integrated with Apple Pay.

Paramount Global, the media company that owns the Paramount movie studio, CBS as well as several cable networks, fell 7.8% following reports that negotiations to merge the company with Skydance Media had broken down.

Treasury yields fell in the bond market. The 10-year Treasury yield fell to 4.40% from 4.47% Monday evening.

Stocks in Europe fell and stocks in Asia were mixed.


AP writers Zimo Zhong, Matt Ott and Alex Veiga contributed to this report.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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