Wall Street closes subdued as investors sit, wait for inflation data

Wall Street closes subdued as investors sit, wait for inflation data

By Ankika Biswas, Lisa Pauline Mattackal and Carolina Mandl

Thu June 27, 2024 4:32 PM

Like yesterday, there was a lot of seesaw action today, the Dow up over 120 points as late as 1:30, but then all the indexes sinking to just very modest gains by close, all due to fence-sitting as all await Friday’s PCE report. Data on capital goods orders fell in May, encouraging more hopes that the economy is weakening and thus there will be rate cuts. Unemployment benefits came in just a few thousand short of forecast. There are still 59% odds of a September rate cut and a firm conviction there will be two cuts this year. The Fed is still saying only one. It was a day of muted and rocky action awaiting Friday’s inflation data, all reflected in the way below average volume of 9.5 billion. 

DJ: 39,127.80  +15.64         NAS: 17,805.16  +87.50         S&P: 5,477.90  +8.60       6/26

DJ: 39,164.06  +36.26         NAS: 17,858.68  +53.53         S&P: 5,482.87  +4.97       6/27

Thu 6-27-24 4:32 pm Wall Street closes subdued as investors sit, wait for inflation data | Reuters