It was another confusing day on Wall Street as both the Nasdaq and S&P 500 closed on record highs while the DJIA ended in negative territory. Sentiment was buoyed but May’s lower than expected CPI data but at the same time dampened by the Federal Reserve’s indication of possibly only one cut in rates this year.
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DJIA Dips
In tandem with the cooling inflation figure, the Fed kept interest rates unchanged as the US 10-year yield eased to 4.318%. Over in Hong Kong, the HSI declined to below the 18,000 mark as selling gathered momentum following China’s latest inflation data that signals weak demand.
Meanwhile, the EU’s imposition of more tariffs on Chinese EVs next month to a tune of 48% would see negative implications for such carmakers on the mainland.
Wall Street closed mostly higher following a lower CPI data despite Fed’s hawkish stance. The DJIA dips 0.09%, to end at 38,712.21. Nasdaq surged 1.53%, to close at 17,608.44. S&P500 mounted 0.85%, to finish at 5,421.03.
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