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In early Thursday trading, most Asian shares were on the rise following Wall Street’s partial recovery. Japan’s Nikkei 225 initially reached a record high before retreating slightly to 39,794.13, a decrease of 0.7%.
Meanwhile, Australia’s S&P/ASX 200 edged up by nearly 0.1% to 7,740.80. South Korea’s Kospi saw a 0.5% increase to 2,654.45. Hong Kong’s Hang Seng dipped by 0.1% to 16,417.39, while the Shanghai Composite climbed by 0.5% to 3,053.72.
Federal Reserve Chair Jerome Powell reiterated the possibility of interest rate cuts later this year, emphasizing the need for additional evidence indicating a decrease in inflation before any action is taken.
The S&P 500 climbed by 26.11 points, marking a 0.5% increase, reaching 5,104.76. This followed a 1% decline the previous day. Meanwhile, the Dow Jones Industrial Average rose by 75.86 points, or 0.2%, closing at 38,661.05. The Nasdaq composite also saw gains, rising by 91.95 points, or 0.6%, to settle at 16,031.54.
Nvidia led the charge on the S&P 500 with a robust 3.2% increase, while Meta Platforms stabilized, rising by 1.2% following a previous day’s decline of 1.6%. These companies hold significant sway in the market due to their substantial size. The S&P 500’s recent surge to record levels has been largely driven by Big Tech stocks, fueling expectations for sustained growth.
However, this has heightened pressure on these firms to deliver results that justify their lofty stock valuations, resulting in some significant downturns earlier in the week. Cybersecurity firm CrowdStrike soared by 10.8% after reporting stronger-than-expected profits for the latest quarter and providing a forecast for future profits that exceeded Wall Street’s estimates.
New York Community Bancorp experienced volatile trading but ultimately closed 7.5% higher after announcing a financial injection of over $1 billion from a group of investors. The regional bank’s stock had plummeted earlier amid concerns about declining commercial real estate values and its acquisition activities, leading to a 66% loss in value year-to-date.
The KBW Nasdaq Regional Banking index recovered most of its losses after the announcement. Initially down by as much as 3.1% earlier in the afternoon, it slipped by 0.4%. As always, Wall Street meticulously analyzed each of Powell’s statements for clues regarding the Federal Reserve’s potential timing for reducing its primary interest rate, which currently stands at its highest level since 2001.
A rate cut would alleviate pressure on the financial system and bolster investment prices.Powell reiterated that elevated interest rates are exerting downward pressure on the economy to manage inflation.
He also reiterated the Fed’s need for increased confidence that inflation is steadily progressing toward its target of 2% before taking action. Acting prematurely could risk reigniting inflation.
Despite reporting stronger profits for the latest quarter than analysts anticipated, Foot Locker experienced a sharp decline of 29.4%. In the bond market, the yield on the 10-year Treasury decreased to 4.11% from 4.14% late Tuesday. Regarding currency trading, the U.S. dollar dipped to 148.74 Japanese yen from 149.32 yen, while the euro remained steady at $1.0902.
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