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Stock Market Today: Main indexes retreat from opening highs after US PCE inflation

by FX BrokerNews
  • Wall Street’s main indexes lost traction after opening in positive territory on Thursday.
  • January PCE inflation data came in line with market expectations.
  • Risk-sensitive technology shares post strong gains in early trade.

The S&P 500 (SPX) rises 0.25% at 5,082.28, the Dow Jones Industrial Average (DJIA) is unchanged at 38,953 and the Nasdaq Composite (IXIC) is up 0.5% at 16,027.50 in the first half of the session on Thursday.

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The Real Estate Sector and the Materials Sector show the strongest performance among major S&P sectors, rising by 0.9% and 0.7%, respectively. The Technology Sector and the Communication Services Sector both register gains of around 0.6%. However, the Health Care Sector lags behind during midday, experiencing a loss of 0.55%.

Leading the gainers is Hormel Foods Corp. (HRL), surging over 12% to $34.50. In contrast, Bath & Body Works Inc. (BBWI) faces a 4.5% decline, trading at $46.10.

Analyzing the current market dynamics, Jim Reid, global head of economics and thematic research at Deutsche Bank, notes, “The S&P 500 (-0.17%) continues to show minimal movement since Nvidia’s earnings last week. With the latest decline, the index is set for a weekly loss, and both the NASDAQ (-0.55%) and the Magnificent 7 (-0.58%) experienced more pronounced falls.”

He further comments on the European market, stating, “In Europe, losses were also observed yesterday, with the STOXX 600 down by -0.35%. Despite this, the DAX (+0.25%) continues to outperform, marking its 6th consecutive advance and closing at a new all-time high.”

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