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Wall Street hangs near its all-time high as calm continues to hold
Retailers outperformed tech firms as investors anticipate a third Federal Reserve rate cut this year to support the slowing job market, with the S&P 500 near its record high.
- On Thursday, the U.S. stock market held near record levels, with the Dow Jones Industrial Average up 99 points, or 0.2%, while the Nasdaq composite was virtually flat.
- Expectations for a Fed cut next week influenced markets, as Wall Street now anticipates the third rate cut this year and layoffs announced last month fell by more than half, Challenger, Gray & Christmas reported.
- Retail results diverged, with Dollar General rallying 6.4% on stronger profit and Five Below rising 0.8% after beating estimates, while Salesforce added 0.7%, Kroger fell 3.8%, and Snowflake dropped 8.6%.
- Bond-Market moves affected investor demand as U.S. Treasury yields rose following gains in Japanese government bonds, pushing the 10-year Treasury yield to 4.08%, while firmer jobless data dented Fed cut odds.
- Despite proximity to records, volatility risks persist as inflation remains above the Federal Reserve's 2% target, while Japanese government bonds rose and South Korea's stock index slipped.
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Coverage Details
Total News Sources50
Leaning Left12Leaning Right3Center26Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 29%
C 64%
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