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Wall Street drops awaiting new economic data and words from the Fed

Wall Street drops awaiting new economic data and words from the Fed
Wall Street drops awaiting new economic data and words from the Fed

Nvidia shares rise up to 1.4% and reach a new all-time high. Meanwhile, Amazon, Alphabet and Meta Platforms decline, in a week marked by few operations before the holiday on Wednesday.

Reuters

He S&P 500 It barely registers any changes this Monday, in a short start to the week due to holidays in both Argentina and the United States. The general index loses only 0.1%, while the Nasdaq Composite remains close to the flat line. The Dow Jones Industrial Average falls 70 points or 0.2%.

“ANDWe are waiting for tomorrow’s retail sales“said Mona Mahajan, investment strategist at Edward Jones. “The Fed and inflation were certainly positive for the markets. “It’s nice to see the disinflation trend resuming after a few months of hotter-than-expected inflation prints.”

Amazon, Alphabet and Meta Platforms decline slightly. Verizon led the Dow’s losses, down 1.7%. Last week, the main averages were mixed: the Dow posted its third week of losses in four years, while the S&P and the Nasdaq reached all-time highs and recorded their seventh bullish week in the last eight.

As Wall Street enters a trading week with cuts, with the markets closed on Wednesday for the June 19 holiday, Investors will assess the sustainability of the current rally and whether it can continue. Mahajan notes that even in previous bull markets, price appreciation does not typically move in a straight line, adding that two to three corrections are typical in any given trading year.

“Overall, the fundamentals and backdrop remain favorable, but corrections can be expected along the way,” he said. Investors are watching retail sales data for May, due out on Tuesday, as well as home sales.

Nvidia breaks its record before going backwards

Nvidia shares rose as much as 1.4% and hit an all-time high. Nvidia has soared this year thanks to its relentless enthusiasm for artificial intelligence. However, Monday’s rally was short-lived as shares fell 0.6%.

nvidia

Reuters

The technology sector was the best performer among the 11 S&P 500 sector indices, while the Dow was the only major index to record weekly declines on Friday, while the Nasdaq notched its fifth consecutive closing record. The S&P 500 hit several all-time highs in the previous week.

The markets will be attentive to the next comments from John Williams, of the New York Fed, Patrick Harker, of the Philadelphia Fed, and the governor of the central bank, Lisa Cook. Likewise, the week’s economic agenda includes data on May retail sales, industrial production, housing construction and the S&P PMI index.

Source: Ambito

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