- On Thursday, after the Dow Jones Industrial Average briefly exceeded 40,000 points for the first time, stock prices began to decline and closed in the red.
- Markets are in an optimistic mood after April’s inflation data was lower than expected.
- The S&P 500 failed to extend its gains after closing at a record high on Wednesday.
Stocks ended lower on Thursday, with the index regaining gains from earlier in the day after the Dow Jones Industrial Average exceeded 40,000 for the first time during the session.
The Dow Jones Industrial Average failed to close above key metrics, and the S&P 500 struggled to consolidate gains after hitting a record close on Wednesday. Markets were upbeat after Wednesday’s consumer price index data showed the pace of rise in inflation slowed in April, but some Fed speakers said Thursday there was no need to rush to cut rates just yet. He showed his perspective.
Richmond Fed President Tom Barkin noted weak service sector inflation, and New York Fed President John Williams told Reuters earlier in the day that he thought policy was “in a good place.” said.
“I think it’s going to take a little bit more time to get to 2% sustainably in the right way,” Barkin told CNBC.
Fed speakers on Thursday broadly painted a picture of the central bank being in no hurry to change course while inflation remains above its 2% target. Views on a rate cut remained largely unchanged on Thursday, with markets still seeing the first rate cut in September as the most likely.
Here are the U.S. indexes as of Thursday’s 4 p.m. close:
Here’s what else is happening today:
In Commodities, Fixed Income and Cryptocurrencies:
- West Texas Intermediate crude rose 0.8% to $79.28 a barrel. Brent crude, the international benchmark, rose 0.7% to $83.35 a barrel.
- Gold fell 0.4% to $2,384 an ounce.
- The 10-year Treasury yield rose 2 basis points to 4.383%.
- Bitcoin fell 1.2% to trade at $65,269.
