The US stock markets opened at a high before Friday’s trading session after promising inflation data raises Federal Reserve (FED) rate cut expectations.
At 9:30 am (EDT) the stock markets opened for the United States at a high. The Dow Jones Industrial Average rose 0.51 per cent at 40,140.90 on the opening bell as compared to the previous close of 39,935.07 after Thursday’s market session.
Personal consumption expenditure (PCE) rose 2.6 per cent as compared to a 3.4 increase in the last quarter. The PCE price index rose 2.9 per cent as compared to a 3.7 per cent increase in the last quarter, according to the US government data released on July 25.
The Nasdaq Composite rose 0.87 per cent rising at 17,336.90 on the market open, as compared to the previous close at 17,186.72. The S&P 500 opened 0.64 per cent higher at 5,433.67 as compared to 5,399.22 on the previous day.
The Nasdaq Composite index rose the most in Friday’s market open as the stocks are recovering from the week’s fall, in line with the US Federal Reserves rate cut expectations.
Stocks like 3M Co., United Health Group Inc., Salesforce Inc., Travelers Cos Inc., Visa Inc. Class A, and Boeing Co., are some of the gainers on Friday. Honeywell International Inc. and Walmart Inc. are amongst the laggers in the Dow Jones Industrial Average Index according to Marketwatch US markets data.
Nasdaq Composite stocks like BurgerFi International Inc., Windtree Theraputics Inc., Estrella Immunopharma Inc., Carbon Revolution Plc., Regencell Bioscience Holdings Ltd., and Newell Brands Inc., were among the gainers. Whereas Nature’s Miracle Holding Inc., Tantech Holding Ltd., and DexCom Inc., were among the laggers on Friday.
S&P 500’s Friday rise was fueled by stocks like 3M Co., Mohawk Industries Inc., Charter Communications Inc. Class A, Norfolk Southern Corp., and Bristol Myers Squibb Co. Whereas stocks like DexCom Inc., Biogen Inc., L3Harris Technologies Inc., ResMed Inc., were lagging, as per the Marketwatch data.
The US Q2 GDP data release showed signs of an upcoming rate cut from the US Federal Reserve as the economy saw an increase in real GDP reflected through the rise in consumer spending on goods and services focusing on healthcare, housing and utilities.
