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Stock Market Today: Main indexes gain traction after mixed opening

by FX BrokerNews
  • Wall Street’s main indexes opened mixed following Thursday’s risk rally.
  • Rising tech stocks support Nasdaq Composite after the opening bell.
  • Markets lean toward a Fed rate cut in June after inflation data.

Kicking off the initial day of March with a varied performance, Wall Street’s primary indices are now showing upward momentum. As of the latest update, the Dow Jones Industrial Average (DJIA) has gained 0.15% at 39,055, the S&P 500 (SPX) is on the rise by 0.43% at 5,118, and the Nasdaq Composite (IXIC) is posting a 0.4% increase at 16,153.55.

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Leading the midday charge, the Energy Sector is showing robust performance with a 1.4% gain, securing its position as the top-performing major S&P sector. Simultaneously, the Technology Sector is also on the rise, posting a 1% gain. However, the Utilities Sector is the sole major sector experiencing a downturn, marking a 1% loss in the first half of the session.

In market moves, NetApp Inc. (NTAP) is making waves as the standout performer on Friday, surging 25% to reach $111.85. Conversely, Xcel Energy Inc. (XEL) and Dominion Energy Inc (D) are both grappling with a decline of about 6%.

On the economic front, the US reported a decline in inflation, with the change in the Personal Consumption Expenditures (PCE) Price Index dropping to 2.4% on a yearly basis in January, according to the US Bureau of Economic Analysis (BEA). This figure aligns with market expectations and follows the 2.6% increase recorded in December. The monthly PCE Price Index rose by 0.3%, meeting forecasts. Meanwhile, the Core PCE Price Index, excluding volatile food and energy prices, saw a 2.8% yearly increase, in line with analysts’ estimates.

According to the CME FedWatch Tool, markets are currently factoring in a nearly 70% probability of the Federal Reserve (Fed) implementing a 25 basis points policy rate cut in June.

Closing the week, US data on Friday revealed that the ISM Manufacturing PMI dipped to 47.8 in February from 49.1, missing the market’s anticipated figure of 49.5. This underscores a continued contraction in the business activity of the manufacturing sector.

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