Wall Street im minus
Trump media shares tumble after TV spat
June 28, 2024, 10:45 pm
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The televised showdown between Biden and his Republican rival is the talk of the US stock markets. While Trump is more convincing to television viewers than the current president, the same cannot be said for his company’s stock. Overall, Wall Street closes lower.
US stock markets ended the trading week with a sell-off. The Dow-Jones-Index It closed down 0.1 percent at 39,123 points. The S&P-500 fell 0.4 percent Nasdaq-composite fell 0.7 percent. A total of 1,625 (Thursday: 1,698) price winners and 1,199 (1,113) losers. 55 (81) titles closed unchanged.
Released economic data showed light and shade. The Federal Reserve’s preferred price gauge, the PCE deflator, rose 2.6 percent in May, in line with a consensus forecast of economists, after rising 2.8 percent in April. Personal income, released at the same time as the PCE price index, rose slightly more than expected last month, while personal spending rose slightly less.
Trump media is in decline
Meanwhile, the mood among Chicago-area buying managers was bright in June. The indicator rose to 47.4 points. The index stood at 35.4 points in May. Economists had expected a reading of 40.0 points. The market was also told that given the already strong US economy, it faced hopes of interest rate cuts as inflation eased. Meanwhile, US consumer sentiment weakened in June.
The main conversation is the US presidential election campaign. In the first live televised battle, President Joe Biden, by popular opinion, did not make a good impression against his challenger Donald Trump, who is generally considered good for business. Doubts are now growing within the Democratic Party that Biden is the right candidate given his age. Shares of the company founded by Donald Trump Trump Media However, they closed with a steep loss of 10.9 percent after initially trading at a premium.
Bond yields rise significantly – the dollar is little changed
I am US bond market Yields initially fell with the release of economic data, but then reversed. The yield on 10-year notes rose significantly by 10.5 basis points to 4.39 percent. At Forex market The dollar remained steady. The dollar index is unchanged.
die Oil prices It was somewhat lighter after the previous day’s significant increase. The price of WTI crude was down 0.3 percent. Brent prices were at the previous day’s price. Earlier in the day, hopes of higher demand during the holiday season supported prices.
The Gold price Moderately gave way. The troy ounce price was down just 0.1 percent despite the rise in market interest rates. This means the precious metal managed to maintain significant gains from the previous day.
Nike hook
Nike The sale came with a caveat. Sporting goods manufacturers expect sales to fall 10 percent in the current first quarter. In the just-ended fourth quarter, revenues have already shrunk and missed expectations. Nike shares fell 20 percent. Competitor’s course Under the hood 2.6 percent decline. Stocks of sports shoe retailer Foot Locker fell by 2.4 percent.
Appreciation 44 percent fell. The health care provider has expressed a disappointing outlook. Infinera The price has increased by 15.8 percent. Nokia is buying the network solutions provider for $2.3 billion, a significant premium to its previous share price.
Everything else about today’s stock market events can be found here.
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