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Wall Street: Nasdaq sets new historical record with investors attentive to inflation data in the US

Wall Street: Nasdaq sets new historical record with investors attentive to inflation data in the US

The North American stock market operates mixed on the first business day of the week, with the debut of the T+1 (24 hour) settlement of operations. The Nasdaq technology index gains 0.5%.

Reuters

The main indices of Wall Street They are trading mixed this Tuesday, after the holiday that had the markets closed on Monday in the US. Traders await key inflation data of the end of the week that could influence expectations about the path of interest rate cuts from the Federal Reserve.

The Industrial Average Dow Jones falls 0.4%, to 38,910 units; the index S&P 500 increases 0.1% to 5,308 units; and the Nasdaq Composite gains 0.5%, to 17,009 units, new all-time high. On this day The North American stock market launched the T+1 liquidation (24 hours) of operations, against the T+2 (48 hours) that previously applied.

The prospect that the world’s most influential central bank will begin cutting rates this year has propelled Wall Street to a record high since late 2023. The Nasdaq and the S&P 500 added their fifth consecutive week of gains on Friday.

However, expectations about the timing of rate cuts have fluctuated and monetary policymakers are cautioussince the data continue to reflect stagnant inflation.

Market attention now focuses on the underlying personal consumption price index for April. The Federal Reserve’s preferred inflation barometer is expected to remain stable.

“The Fed is still in play…real rates have to come down,” said Kim Forrest of Bokeh Capital Partners. “In general, inflation is trending downward and its slowdown will provide cover for the Fed to reduce rates.”

The Nasdaq hit a new intraday record, boosted by a 4.5% rise in artificial intelligence darling Nvidia and other chip stocks. The Philadelphia Semiconductor Index gained 1%.

The Dow Jones was trading behind other indices, weighed down by the healthcare and financial sectors. The health care division also led the S&P 500 subsector in losses.

Source: Ambito

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