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Wall Street’s main indices closed mixed on Tuesday, June 14, after Nasdaq recovered from an initial slide as the central bank officials assembled to discuss a new rate plan at their monthly policy conclave.
The S&P 500 fell 0.38% to 3,735.48. The Dow Jones decreased by 0.50% to 30,364.83. The NASDAQ Composite rose 0.18% to 10,828.35, and the small-cap Russell 2000 fell 0.39% to 1,707.83.
S&P fell into a bear market on Monday after significant losses in two straight sessions.
Investors anticipate the Fed might step up the accelerator to 75 basis points from its prior assessment of a half-a-point sequential increase in June and July following the May CPI inflation data.
The May CPI data released by the Labor Department last week showed that US inflation rose at an annual rate of 8.6%, registering a fresh 40-year high.
The unabated spike in inflation has recently forced many companies to lower their annual profit guidance, wielding a major blow to investors’ sentiment.
Investors worry the central bank’s aggressive rate increases might push the economy into a recession.
In a new report, the Labor Department said the producer price index (PPI), another critical gauge for inflation, increased 0.8% in May from 0.4% in April.
The May increase marked the sixth consecutive double-digit gain in PPI, although it cooled off slightly from the March level when it was 1.6%. On an annual basis, the May PPI increased by 10.8%.
Of the 11 S&P 500 segments, technology was the only segment to stay in the positive territory on Tuesday. The utility and healthcare sectors were the bottom movers..
The shares of FedEx Corporation (FDX) rose 13.41% after raising its annual dividend by 53% from US$0.75.
Energy company Continental Resources, Inc. (CLR) stock gained over 13% after the company received an all-cash buyout offer from its founder Harold Hamm.
Oracle Corporation (ORCL) stock surged 9.27% in intraday trading after its quarterly results the day before topped Wall Street estimates, driven by sales in its cloud-computing division.
In the technology sector, Microsoft Corporation (MSFT) increased by 0.92%, Taiwan Semiconductor Manufacturing Company (TSM) soared by 1.92%, and NVIDIA Corporation (NVDA) added 1.21%. Qualcomm Incorporated (QCOM) and Infosys Limited (INFY) advanced 1.24% and 2.24%, respectively.
In the utilities sector, NextEra Energy, Inc. (NEE) decreased by 1.23%, Duke Energy Corporation (DUK) fell 2.40%, and The Southern Company (SO) plunged 2.81%. Dominion Energy, Inc. (D) and National Grid plc (NGG) retreated 2.24% and 2.78%, respectively.
In healthcare stocks, Johnson & Johnson (JNJ) declined 1.58%, UnitedHealth Group Incorporated (UNH) slumped 1.64%, and AbbVie Inc. (ABBV) tumbled 1.27%. AstraZeneca PLC (AZN) and Abbott Laboratories (ABT) ticked down 1.25% and 2.74%, respectively.
In the crypto space, Bitcoin (BTC) and Ethereum (ETH) plummeted by 5.07% and 3.00%, respectively. The global crypto market cap slumped 2.66% to US$941.176 billion at 4:15 pm ET on June 14.
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Futures & Commodities
Gold futures were down 1.21% to US$1,809.60 per ounce. Silver decreased by 1.31% to US$20.977 per ounce, while copper fell 1.82% to US$4.1348.
Brent oil futures decreased by 1.17% to US$120.84 per barrel and WTI crude was down 1.80% to US$118.75.
Also Read: Can these 5 utility stocks weather inflation? DUK, SO, D, AEP & SRE
Bond Market
The 30-year Treasury bond yields were up 1.72% to 3.427, while the 10-year bond yields rose 3.09% to 3.475.
US Dollar Futures Index increased by 0.29% to US$105.270.
