Item 1 of 2 People walk in the financial district near the New York Stock Exchange (NYSE) on December 29, 2023 in New York, USA. REUTERS/Eduardo Muñoz/File photo
(1/2) People walking in the financial district near the New York Stock Exchange (NYSE) in New York, USA, on December 29, 2023. REUTERS/Eduardo Muñoz/File Photo Purchase License Rights, opens in a new tab S&P 500, Nasdaq Advance USD Oil prices fall Benchmark 10-year Treasury yield falls; safe-haven gold rises to near two-week high
NEW YORK (Reuters) – Global stocks rose on Wednesday, while the U.S. dollar fell as weak labor market data raised investors’ expectations for a Federal Reserve rate cut this year. did.
The number of new jobless claims for the week ending June 29 was 238,000, slightly higher than expected, indicating softening labor market conditions, according to figures released Wednesday by the U.S. Department of Labor.
The MSCI World Stock Index (.MIWD00000PUS) rose 0.60% to 811.63, while the European Composite STOXX600 Index (.STOXX) rose 0.81%.
“Growth is slowing, but we’re getting closer to the trend,” said Jack Janasiewicz, lead portfolio strategist at Natixis. “It’s good and this is still a pretty good backdrop.” Investment manager in Boston.
On Wall Street, the benchmark S&P 500 and Nasdaq rose, with technology, utilities and materials stocks among the top gainers. Healthcare stocks pushed down the Dow.
The Dow Jones Industrial Average (.DJI) fell 0.19% to 39,259.90, the S&P 500 (.SPX) rose 0.24% to 5,521.98 and the Nasdaq Composite Index (.IXIC) rose 0.50% to 39,259.90. open. Up to 18,119.62.
The dollar index against a basket of currencies, including the yen and euro, fell 0.43% to 105.21, while the euro rose 0.5% to $1.0798.
“From a seasonality perspective, we seem to be following that seasonal pattern in that the first two weeks of July tend to be strong and economic indicators continue to point to a slowdown rather than a recession. “Other than that, things are still good. We’re cooperative here,” Janasewicz added.
Benchmark 10-year Treasury yields fell on signs of weakness in manufacturing as jobless claims and the ISM Nonmanufacturing Index were lower than expected. The yield on the benchmark 10-year U.S. Treasury note fell 8.5 basis points to 4.351%.
The dollar index against a basket of currencies, including the yen and euro, fell 0.45% to $105.19, while the euro rose 0.53% to $1.0801.
Ahead of the US Fourth of July holiday, the yen hit a 38-year low against the US dollar and a record low against the euro. The yen fell to 161.96 yen to the dollar for the first time since December 1986. Oil prices held firm after rising as U.S. crude inventories fell more than expected, while economic headwinds from China and the euro zone capped gains.
Brent crude oil futures rose 0.16% to $86.40 per barrel, while US West Texas Intermediate (WTI) crude oil futures rose 0.11% to $82.94.
Gold prices rose more than 1% as the dollar weakened, hitting a two-week high. Spot gold rose 1.42% to $2,362.46 an ounce, while U.S. gold futures rose 1.66% to $2,361.60 an ounce.
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Report by Chibuike Oguh in New York. Editing: Josie Kao
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