{"id":42337,"date":"2023-07-30T16:20:16","date_gmt":"2023-07-30T20:20:16","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-street-ends-week-higher-on-us-soft-landing-hopes\/"},"modified":"2023-07-30T16:20:17","modified_gmt":"2023-07-30T20:20:17","slug":"wall-street-ends-week-higher-on-us-soft-landing-hopes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42337","title":{"rendered":"Wall Street ends week higher on US soft landing hopes"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo<\/span>
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By Carolina Mandl and Bansari Mayur Kamdar<\/p>\n

(Reuters) – All three major U.S. indexes ended the week with gains, after a slew of Big Tech earnings, economic data and central bank announcements boosted investor confidence in a soft landing for the U.S. economy.<\/p>\n

U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s, data showed on Friday.<\/p>\n

In the 12 months through June, the PCE price index advanced 3.0%. That was the smallest annual gain since March 2021 and followed a 3.8% rise in May.<\/p>\n

“You put all that together and you end up with this idea that this Goldilocks economy might continue for a little while, with inflation clearly coming down,” said Scott Ladner, Chief Investment Officer at Horizon Investments. <\/p>\n

The rose 176.37 points, or 0.5%, to 35,459.09, the gained 44.76 points, or 0.99%, to 4,582.17 and the added 266.55 points, or 1.9%, to 14,316.66.<\/p>\n

“People are more sanguine about the possibility of inflation being under control and the economy avoiding a recession,” said Win Murray, director of research at asset manager Diamond Hill.<\/p>\n

For the week, the Nasdaq climbed 2.02%, while the S&P rose 1.01%, and the Dow gained 0.66%. The gains gave the S&P 500 its highest close since April 4, 2022.<\/p>\n

Volume on U.S. exchanges was 10.10 billion shares, compared with the 10.45 billion average for the full session over the last 20 trading days.<\/p>\n

On Wednesday, Federal Reserve Chair Jerome Powell said the Fed was not forecasting a recession and did not rule out another rate hike, saying it would follow future economic data.<\/p>\n

To complete a week of encouraging signs, more than half of the firms listed on the S&P 500 have reported second quarter earnings as of Friday, out of which 78.7% have surpassed analyst expectations, according to Refinitiv data.<\/p>\n

Barclays <\/span><\/span> (LON:) said investors flocked to equities this week, with inflows of $10 billion to U.S.-listed stocks, according to a note to clients.<\/p>\n

Most of the 11 major S&P 500 sectors posted gains, led by communications services, which gained 2.3% as big tech companies kept an upward trend after announcing earnings earlier this week. On the earnings front, Intel (NASDAQ:)’s results and forecast pointed to an improving PC market, sending the chipmaker’s shares up 6.60%. Peers Nvidia (NASDAQ:) and Marvell (NASDAQ:) Technology also gained 1.85% and 1.60% respectively. On Thursday, the blue-chip Dow snapped its longest winning streak since 1987 as U.S. Treasury yields pressured stocks after news that the Bank of Japan will allow long-term interest rates to rise. The Bank of Japan made its yield curve control policy more flexible and loosened its defense of a long-term interest rate cap, in moves seen by investors as a prelude to an eventual shift away from massive monetary stimulus. The yield on the U.S. 10-year note slipped from 4% hit in the previous session, lifting megacap growth and technology stocks sharply higher. <\/p>\n

Procter & Gamble (NYSE:) climbed 2.83% after the consumer behemoth beat analysts’ estimates for quarterly sales.Ford Motor (NYSE:) shed 3.42% after Chief Executive Jim Farley outlined a change in the automaker’s product strategy, slowing the ramp-up of money-losing electric vehicles.Enphase Energy (NASDAQ:) fell 7.48% after the solar inverter maker’s third-quarter revenue forecast missed expectations, while Juniper Networks (NYSE:) tumbled 6.94% as the network operator forecast third-quarter revenue below market estimates.<\/p>\n

Exxon Mobil <\/span><\/span> (NYSE:) fell 1.19% after the oil giant posted a 56% slump in quarterly profit, while peer Chevron <\/span><\/span> (NYSE:) shed 0.50% after forecasting annual production near the low end of its previously estimated range.<\/p>\n

Reata Pharmaceuticals (NASDAQ:) surged 54.02% after Biogen (NASDAQ:) agreed to buy the rare disease drugmaker for nearly $6.5 billion.<\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 2.64-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored advancers.<\/p>\n

The S&P 500 posted 27 new 52-week highs and two new lows; the Nasdaq Composite recorded 83 new highs and 84 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS\/Brendan McDermid\/File Photo By Carolina Mandl and Bansari Mayur Kamdar (Reuters) – All three major U.S. indexes ended the week with gains, after a slew of Big Tech earnings, economic […]<\/p>\n","protected":false},"author":1,"featured_media":2090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-42337","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall Street ends week higher on US soft landing hopes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. 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