Wall Street experienced little change during midday trading on Thursday in New York. The S&P 500 Index aimed for its fifth consecutive day of gains after an inline PCE inflation report eased concerns of an imminent Fed rate hike.
The core PCE price index, which is the Fed’s preferred measure of inflation, came in at 4.2% year on year in July, slightly higher than June’s 4.1% but in line with expectations. The headline PCE price index increased from 3% to 3.3% year on year, matching estimates.
Investors are now awaiting the release of the crucial August jobs report on Friday at 08:30 a.m. ET.
Overall, August is expected to result in a negative month for the U.S. stock market, as the four major averages are heading towards a monthly close in the red. Additionally, both the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ Trust (NYSE:QQQ) are likely to break their five-month streak of gains.
Notable statistics from Thursday’s trading include the S&P 500 Index rising 0.04%, the Dow Jones Industrial Average falling 0.1%, the Nasdaq 100 Index increasing by 0.3%, and the Russell 2000 edging 0.1% higher.
In terms of major U.S. equity ETFs, the SPDR S&P 500 ETF Trust remained steady at $451.30, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) decreased by 0.1% to $349.11, and the Invesco QQQ Trust rose 0.3% to $377.91.
Regarding S&P 500’s sector ETFs, the Technology Select Sector SPDR Fund (NYSE:XLK), the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY), and the Communication Services Select Sector SPDR Fund (NYSE:XLC) were the only sectors showing gains of 0.3%. On the other hand, the Real Estate Select Sector SPDR Fund (NYSE:XLRE) suffered a 0.4% decline.
Some notable stocks affected by earnings reports include Salesforce, Inc. (NYSE:CRM), which rose 3%; Okta, Inc. (NASDAQ:OKTA), which increased by over 12%; and Palantir Technologies, Inc. (NYSE:PLTR), which fell over 9% following a negative recommendation from Morgan Stanley. There are also several companies, such as Broadcom, Inc. (NASDAQ:AVGO) and Dell Technologies, Inc. (NYSE:DELL), reporting after the market close.
In the commodities and bonds markets, crude oil rose 0.6%, with WTI crude trading at $82 per barrel. Treasury yields slightly decreased, with the 10-year yield down by 4 basis points and the two-year yield down by 2 basis points. The U.S. dollar strengthened, while the euro weakened. European equity indices experienced a negative session. Gold remained steady, while silver fell 0.6%. Bitcoin dropped by 3.2% to $26,424.
