The Dow Jones Industrial dropped 0.11% at the close. and amounted to 39,127.14 points. The S&P 500 gained 0.11% at the end of the day. and amounted to 5,211.49 points. The Nasdaq Composite rose 0.23%. and closed the session at 16,277.46 points. The Russell 2000 index of small-cap companies is up 0.55%. and amounts to 2,076.28 points. The VIX volatility index falls by 1.92%, to 14.33 points.
“American factories are working at full capacity”
Investors are waiting for the publication of US labor market data for March. The reading will take place on Friday at 2:30 p.m. Polish time. CME FedWatch indicates that the market is currently pricing in 62%. chances of a Fed rate cut in June.
“American factories are operating at full capacity, another element of the picture indicating a very resilient US economy in the face of high external financing costs. This has led to a renewed spread of risk-averse sentiment as concerns grow that inflation will remain stubbornly above target and the Fed will potentially be forced to hold off on rate cuts this year to the extent previously anticipated,” Susannah said Streeter, director of money and markets at Hargreaves Lansdown.
Federal Reserve Chairman Jerome Powell said Wednesday that it will take time for policymakers to assess the current state of inflation, maintaining uncertainty about the timing of potential interest rate cuts. San Francisco Fed President Mary Daly and her Cleveland counterpart Loretta Mester said they still expect U.S. interest rates to be cut threefold in 2024, although the Fed will be in no rush to start lowering borrowing costs.
Intel's stock fell 8.2% on Wednesday after the chipmaker posted a $7 billion operating loss at its semiconductor business in 2023, more than the $5.2 billion posted a year earlier. Nvidia's stock lost 0.55%, while Netflix's stock went up by 2.6% and Meta's by 1.9%. Paramount Global gained approximately 15%. after it was reported that the media giant was considering entering into talks with David Ellison, founder of media company Skydance, regarding a potential deal.
On the oil market, WTI contracts for May are up 0.5%. to USD 85.58 per barrel, and May Brent futures increase by 0.61%. up to USD 89.46/b.
