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Stock market news for June 27, 2024
Traders work on the floor of the New York Stock Exchange on June 18, 2024.
Spencer Platt | Getty Images News | Getty Images
THE S&P500 eked out a slight gain on Thursday as Wall Street awaited fresh inflation data for clues on when the Federal Reserve will begin cutting interest rates.
The general market index closed up 0.09% at 5,482.87. Nasdaq Composite Index added 0.30% to end at 17,858.68, while the Dow Jones Industrial Average added 36.26 points, or 0.09%, to close at 39,164.06.
Major semiconductor stocks were in the red, raising questions about whether the AI trade can continue to support markets in the second half of this year. Micron Shares fell more than 7% after the chipmaker issued fourth-quarter revenue guidance that matched estimates. The semiconductor giant and market bellwether Nvidia also declined, down 1.9%.
The changes come as traders eagerly await the release of May's core personal consumption price index, which is the Fed's preferred measure of inflation. Economists surveyed by Dow Jones expect the core PCE index to rise 0.1% month-on-month and 2.6% from the same period a year ago.
Traders are hoping the report will show an easing in price pressures, which could increase the likelihood that the Fed will cut interest rates later this year.
“If PCE disappoints, stagflation headlines will dominate, but if estimates hold or surprise with cooler data, that should help the market ease into July,” said Quincy Krosby, chief global strategist at LPL Financial.
“An overbought and relatively expensive market, based on just a handful of big names, may need to recalibrate and allow other sectors to coexist with them or even start to lead the market,” Krosby said. “Such adjustments can trigger pockets of volatility coupled with pockets of attractive opportunities.”
Several stocks fell after reporting quarterly results. Levi Strauss fell 15.4% after the jeans maker's latest quarterly earnings disappointed investors. Walgreens Boots Alliance plunged more than 22% after lowering its full-year outlook and reporting lower-than-expected earnings in the previous quarter.
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