US markets – The S&P 500 is flat as investors try to shake off the sluggish start to June

4 Haziran 2024 16:36



Chevron, Dow Inc and Caterpillar fell 2 percent and 1 percent, keeping gains for the Dow in check. Bath & Body Works was the worst-performing stock in the S&P 500, losing 10 percent due to disappointing guidance.

Investors also parsed a fresh reading on job openings. Employment data from the Labor Department showed 8.059 million vacancies in April, compared to an estimated 8.4 million from Dow Jones, or the lowest level over three years.

Investors want a labour market that’s weak enough to allow the central bank to cut interest rates but not so weak that it worries over a potential recession rise.

The move comes after the Dow fell more than 115 points, or 0.3 percent, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday.

Weak manufacturing data weighed on market sentiment as investors wait to see if growth can hold up. At the same time, the Federal Reserve waits for inflation to decline enough to cut interest rates.

“I think the indices themselves are a little bit flawed right now,” Bank of America head of U.S. equity and quantitative strategy Savita Subramanian told CNBC’s “Squawk Box” on Tuesday. “I almost feel like when you peel back the onion and look at the underlying stock market, what makes me feel better is that earnings are coming in positive for a broader array of companies in the S&P it’s not just the ‘Magnificent Seven’ that’s doing all the work for the index.”

Albania News Agency

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