ABC News on Nostr: Stock market today: Wall Street drifts, but hopes for AI and rates keep indexes near ...
Stock market today: Wall Street drifts, but hopes for AI and rates keep indexes near records
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U.S. stocks are drifting following mixed data on the economy, but hopes for coming cuts to interest rates and Wall Street's continued frenzy around artificial-intelligence technology are keeping indexes near their records. The S&P 500 was up 0.1% in afternoon trading, a day after jumping to an all-time high. The Dow Jones Industrial Average was down 127 points, or 0.3%, as of 1:49 p.m. Eastern time. The Nasdaq composite rose 0.2% and is just above its own record. Treasury yields eased again in the bond market as conviction built that inflation is slowing enough to get the Federal Reserve to cut interest rates later this year. Companies whose profits are most closely tied to the strength of the economy were lagging the market Thursday following the reports. Some companies have been able to skyrocket regardless of the pressures on the economy because of an ongoing frenzy around artificial-intelligence technology. In the bond market, the yield on the 10-year Treasury fell to 4.25% from 4.32% late Wednesday and from 4.60% late last month. The two-year yield, which moves more on expectations for the Fed, fell to 4.69% from 4.76%. Fed officials are mostly penciling in either one or two cuts to interest rates this year, and traders are hopeful they can begin as soon as September, according to data from CME Group. Such cuts would ease the pressure on the economy and give a boost to all kinds of investment prices. In stock markets abroad, indexes fell across much of Europe as leaders of the leading industrialized nations gathered in Italy. The continent is still feeling the effects of a European Parliament election that saw a surge in support for the far right in places like France and Germany.
#StockMarket #WallStreet #InterestRates #ArtificialintelligenceTechnology
https://abcnews.go.com/US/wireStory/stock-market-today-asia-shares-rise-amid-bank-111082072
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U.S. stocks are drifting following mixed data on the economy, but hopes for coming cuts to interest rates and Wall Street's continued frenzy around artificial-intelligence technology are keeping indexes near their records. The S&P 500 was up 0.1% in afternoon trading, a day after jumping to an all-time high. The Dow Jones Industrial Average was down 127 points, or 0.3%, as of 1:49 p.m. Eastern time. The Nasdaq composite rose 0.2% and is just above its own record. Treasury yields eased again in the bond market as conviction built that inflation is slowing enough to get the Federal Reserve to cut interest rates later this year. Companies whose profits are most closely tied to the strength of the economy were lagging the market Thursday following the reports. Some companies have been able to skyrocket regardless of the pressures on the economy because of an ongoing frenzy around artificial-intelligence technology. In the bond market, the yield on the 10-year Treasury fell to 4.25% from 4.32% late Wednesday and from 4.60% late last month. The two-year yield, which moves more on expectations for the Fed, fell to 4.69% from 4.76%. Fed officials are mostly penciling in either one or two cuts to interest rates this year, and traders are hopeful they can begin as soon as September, according to data from CME Group. Such cuts would ease the pressure on the economy and give a boost to all kinds of investment prices. In stock markets abroad, indexes fell across much of Europe as leaders of the leading industrialized nations gathered in Italy. The continent is still feeling the effects of a European Parliament election that saw a surge in support for the far right in places like France and Germany.
#StockMarket #WallStreet #InterestRates #ArtificialintelligenceTechnology
https://abcnews.go.com/US/wireStory/stock-market-today-asia-shares-rise-amid-bank-111082072