Asia Mixed While European Markets Dip, Crude Slips To $77 On Reduced Demand Forecast - Global Markets Today While US Slept
Portfolio Pulse from Akanksha Bakshi
U.S. stock markets closed mixed with the S&P 500 and Nasdaq hitting record highs due to lower-than-expected inflation data. The Federal Reserve plans only one rate cut this year, contrary to earlier forecasts. Crude oil prices fell due to increased U.S. crude inventories and a reduced oil demand forecast for 2024. European markets dipped due to the Fed's hawkish stance.
June 13, 2024 | 11:17 am
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POSITIVE IMPACT
The Nasdaq Composite gained 1.54%, finishing the session at 17,610.79, driven by strong performance in the tech sector.
The Nasdaq Composite's rise was fueled by strong gains in the tech sector, which benefits from lower inflation and a stable interest rate environment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The S&P 500 rose 0.85%, ending the day at 5,421.03, driven by lower-than-expected inflation data.
The S&P 500 saw gains due to lower-than-expected inflation data, which is generally positive for equities as it suggests a less aggressive monetary policy.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The Dow Jones Industrial Average was down 0.09%, closing at 38,712.21, affected by the Federal Reserve's indication of only one rate cut this year.
The Dow Jones Industrial Average declined slightly due to the Federal Reserve's less dovish stance, which may dampen investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Crude oil prices fell to $77.72/bbl due to increased U.S. crude inventories and a reduced oil demand forecast for 2024.
Crude oil prices declined due to an unexpected increase in U.S. crude inventories and a reduced demand forecast, which negatively impacts oil-related assets.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100