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The S&P 500 and Nasdaq rose slightly as Ball sees room for the Fed to cut interest rates this year

The three major US stock indices were mixed on Wednesday (3rd), the Dow Jones closed down for the third consecutive day, butstamp 500Indices and Nasdaq closed slightly higher after data showed US services sector growth slowed in Marchfed(Fed) Chairman Ball reiterated progress in curbing inflation, but stressed thatcut interest ratesMore evidence is needed before inflation can be reduced.

The Dow Jones Industrial Average fell 43.1 points, or 0.11%, to close at 39127.14 on the third day; The S&P 500 index rose 5.68 points, or 0.11%, to 5211.49; The Nasdaq index rose 37.01 points, or 0.23%, to 5211.49. score; 16277.46 points; The Philadelphia Semiconductor Index rose 0.34% to 4903.50 points.

Most major S&P 500 stocks rose, with energy, materials and communications services stocks among the top gainers.

In his speech on Wednesday, Powell reiterated that as the US economy remains strong and recent inflation data is higher than expected, the Federal Reserve will maintain a wait-and-see approach when considering when to start cutting interest rates. . But he also said the overall picture has not changed from recent data on rising prices and reiterated that it may be appropriate to start cutting interest rates sometime this year.

Earlier on Wednesday, data from the Institute for Supply Management (ISM) showed that the US non-manufacturing purchasing managers’ index (PMI) fell for the second consecutive month in March, falling to 51.4 from 52.6 in February, which was lower than analysts expected. is less than. , An index above 50 suggests the service industry is expanding, but last month’s decline suggests the pace of growth is slowing.

“It’s all about the Fed and the market expecting a rate cut to be delayed,” said Tim Grisky, senior portfolio strategist at Ingalls & Snyder in New York. “I think at least in the last few days that’s what’s really been driving the market. …It’s always been that way.”

It was previously expected that the Federal Reserve would begin cutting interest rates in early June, but due to recent strong economic data, many in the market have questioned this projected timetable.

Atlanta Fed President Bostic said in an interview with CNBC on Wednesday that an interest rate cut may not occur until the fourth quarter of this year, and he expects to cut interest rates once this year.

Intel’s share price fell 8.2%. The company announced that its foundry business will suffer an operating loss of US$7 billion in 2023, more serious than the US$5.2 billion loss in the same period last year.

finance(tagstotranslate)interest rate cuts(T)Federal Reserve(T)S&P 500

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