Mixed image on the Wall, focusing on macros

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The key indicators of Wall Street in Monday’s trading continue with mixed signs as investors evaluate the incoming macroeconomic data in their attempt to assess the course of the economy in the coming months, which will determine the movements of the Federal Reserve on the “front” of growth. interest rates.

US stocks traded strong last week, with the S&P 500 gaining 6%, ending a three-week losing streak. The Dow Jones industrial average, meanwhile, rose 5%, while the tech Nasdaq gained 7% overall.

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The jump followed by a barrage of disappointing economic data that sparked speculation that a slowdown in the economy could force the Federal Reserve to moderate its aggressive interest rate hikes.

Fed Chairman Jerome Powell told Congress last week that achieving the so-called “smooth landing” of the economy as the central bank continued to tighten its policy would be “a difficult task.”

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Indicators – Statistics

On the board, the Dow Jones gained 61.56 points or 0.20% to 31,562.24 points, while the S&P 500 adds 9.64 points or 0.25% to 3,921.40 points. The technology Nasdaq loses 8.21 points or -0.07% to 11,559.06 points.

Of the 30 stocks that make up the Dow Jones industrial average, 15 are moving with a positive sign and 15 with a negative. The biggest gainer is Chevron with gains of $ 3.47 or 2.40% at $ 148.24, followed by UnitedHealth Group at $ 505.12 with an increase of 1.91% and Merck & Co. with gains of 1.89% to $ 94.89.

The shares with the biggest losses are Boeing (-1.96%), Nike (-1.61%) and Salesforce (-1.49%).

Data released today in the US showed that orders for durable goods rose more than expected in May, a sign that business investment remains strong despite rising interest rates and growing concerns about the outlook for the economy.

In particular, orders for durable goods increased by 0.7% in May compared to analysts’ estimate for an increase of 0.2%. This is the seventh increase in a total of eight months.

At the same time, orders for capital goods, a sign of investment in equipment that does not include aircraft and military equipment, increased by 0.5% last month, according to data released today by the US Department of Commerce on Monday.

The data show that investment was strong in May despite the decline in manufacturing indices in June in the New York and Philadelphia area, among others. The latter also showed a decrease in manufacturing production S&P Global research.

At the same time, new contracts for the second-hand home market in the United States rose unexpectedly in May, ending a negative six-month losing streak as higher mortgage rates continued to curb demand.

In particular, the index for pending home sales rose 0.7% in May to 99.9, after a two-year low in April, the National Association of Brokers (NAR) announced today. Analysts in a Reuters poll expected the index to fall by 3.7%.

On an annual basis, however, outstanding sales fell by 13.6% in May.

“Despite the small gains in sales from last month, the housing market is clearly in transition,” said Lawrence Yun, chief economist at NAR. “The contracts have fallen significantly from a year earlier due to much higher interest rates today,” he added.

Source: Capital

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