Wall Street today: US stocks advance on Fed rate cut optimism

US stock indices advanced on Tuesday, buoyed by expectations that the Federal Reserve will ease monetary policy this year.

At 09:46 a.m. ET, the Dow Jones Industrial Average rose 60.27 points, or 0.16 per cent, to 38,912.54, the S&P 500 gained 8.89 points, or 0.17 per cent, to 5,189.63 and the Nasdaq Composite gained 20.85 points, or 0.13 per cent, to 16,370.09.

At the opening bell, the Dow Jones Industrial Average rose 6.7 points, or 0.02 per cent, to 38858.94. The S&P 500 rose 6.5 points, or 0.12 per cent, to 5187.2, while the Nasdaq Composite rose 9.1 points, or 0.06 per cent, to 16358.343. 

Last week, the Federal Reserve kept its interest rate unchanged. Fed Chair Jerome Powell had strongly suggested that the central bank is still closer to cutting its interest rate than hiking it, despite a string of stubbornly high readings on inflation this year.

The Walt Disney Co. stock sank 8.5 per cent despite reporting stronger quarterly results.

Nvidia shares fell 1.1 per cent after the Wall Street Journal reported that Apple was developing its own chip to run artificial intelligence (AI) software in data centers.

Apple gained 1.5 per cent ahead of its event later on Tuesday. 

Tesla declined 2.3 per cent after data showed the US automaker sold 62,167 China-made electric vehicles in April, down 18 per cent from a year ago.

Shares of Kenvue, which sells brands including Band-Aids and Tylenol, rose 4.9 per cent after beating Wall Street estimates for both profit and revenue. 

The yield on the 10-year Treasury fell to 4.44 per cent from 4.49 per cent late on 

Crude oil

Oil prices were steady on Tuesday on weakness in the physical market.

Brent crude futures were down 30 cents, or 0.4 per cent, at $83.03 a barrel by 1330 GMT while US West Texas Intermediate (WTI) crude futures fell 25 cents, or 0.3 per cent, to $78.23.



Gold prices fell on Tuesday as the US dollar strengthened.

Spot gold was down 0.5 per cent to $2,312.29 per ounce by 1218 GMT. US gold futures fell 0.5 per cent to $2,320.60 per ounce.

Spot silver fell 0.8 per cent to $27.23 per ounce.


Monday. The 2-year yield slipped to 4.81 per cent from 4.83 per cent. 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Published: 07 May 2024, 07:20 PM IST

Source link


Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Volatility index VIX hits 52-week high; Where's it headed in May amid elections?

Tue May 7 , 2024
India’s volatility index , VIX reached a fresh 52-week peak at 16.96 before concluding the session with a 13.56 per cent surge, settling at 16.6 on Monday’s trading session.  India VIX captured significant attention as it exhibited a characteristic oscillating pattern, plunging by over 20 per cent to dip below […]
Volatility index VIX hits 52-week high; Where's it headed in May amid elections?

You May Like