Home / Business / Wall St. slightly higher on Microsoft results, rate cut hopes By Reuters

Wall St. slightly higher on Microsoft results, rate cut hopes By Reuters

© Reuters. Traders work on the floor of the NYSE in New York

By Evan Sully and April Joyner

NEW YORK (Reuters) – Wall Street's main indexes edited on Friday after the Federal Reserve plans to cut interest rates at only a quarter-percentage point at the end of July.

The benchmark S&P 500 is earlier marginal gains after the Wall Street Journal report https://www.wsj.com/articles/fed-officials-signal-quarter-point -rate cut-likely-at-july-meeting-1

1,563,559,491th According to the report, while the U.S. central bank is not prepared to make a bigger 50-base-point cut, it may make further rate cuts in the future given a decline in global economic growth and uncertainty about trade.

On Thursday, stocks had risen as comments from New York Fed President John Williams (NYSE 🙂 increased hopes of a bigger rate cut. Later that day, however, a New York Fed representative said that Williams' comments were not included in up-to-date Fed policy actions. [50] Futures market odds of a 50-point point cut at the Fed's July meeting soared to 71% late Thursday immediately after Williams speech but fell to 23% on Friday, according to CME Group's Fedwatch tool.

"It appears that the Fed has communicated its message," said Bucky Hellwig, senior vice president at BB&T (NYSE 🙂 Wealth Management in Birmingham, Alabama. "They're basically trying to clarify their policy." The Dow Jones Industrial Average () fell 5,85 points, or 0.02%, to 27,217.12, the S&P 500 () lost 11,94 points, or 0.40%, two 2,983.17 and the Nasdaq Composite () dropped 43.66 points, or 0.53%, to 8,163.58.

Earlier, US stocks had edged higher than strong results from Microsoft Corp. (O 🙂 momentarily buoyed technology stocks. Last-minute profits at S&P 500 companies are now estimated to rise by 1%, according to Refinitive IBES data, in a reversal from earlier expectations of a small drop.

Boeing Co (N) shares gained 4.2%, despite the planemaker's disclosure that it would take a $ 4.9 billion after tax hit from the ground of its 737 MAX, indicating that investors had expected more severe repercussions. 19659004] Kansas City Southern (N) shares rose 4.0% after the railroad operator posted a better-than-expected quarterly profit. Shares of American Express Co (N 🙂 slipped 2.6% after the credit card issuer warned of higher operating costs this year than it spends Heavy on rewards programs to attract customers.

Declining issues outnumber advances on the NYSE at a 1.15-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored decliners

The S&P 500 posted 45 new 52-week highs and five new lows; the Nasdaq Composite recorded 72 new highs and 76 new lows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices and not appropriate for trading purposes. Therefore Fusion Media does not bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link