• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Wall Street rises on hopes of Fed pausing hikes, debt ceiling deal cheer
Business

Wall Street rises on hopes of Fed pausing hikes, debt ceiling deal cheer

June 2, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
  • Salesforce down on slow revenue growth
  • C3.ai plunges on dour revenue outlook
  • Goldman Sachs falls, company plans more job cuts

June 1 (Reuters) – The Nasdaq and S&P 500 surged to nine-month closing highs on Thursday as signs of slowing wage pressure raised hopes the Federal Reserve will pause hiking interest rates and investors cheered a vote in Congress to suspend the U.S. debt ceiling.

The number of Americans filing new claims for unemployment benefits rose modestly last week, while private payrolls increased more than expected in May, pointing to a still tight labor market that could push the Fed to keep rates elevated.

Focus now shifts to the Labor Department’s closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes.

The Nasdaq and S&P 500 closed at their highest since August 2022 as investors embraced a resilient labor market amid optimism the Fed can engineer a soft economic landing.

The Dow Jones Industrial Average (.DJI) rose 154.09 points, or 0.47%, to 33,062.36, the S&P 500 (.SPX) gained 41.26 points, or 0.99%, to 4,221.09 and the Nasdaq Composite (.IXIC) added 165.70 points, or 1.28%, to 13,100.98.

Volume on U.S. exchanges was 11.14 billion shares, compared with about 10.58 billion average for the full session over the last 20 trading days.

Wage inflation is slowing, as reported by ADP, while a Labor Department report said the price of labor per single unit of output rebounded at a 4.2% rate in the first quarter – a downward revision from the 6.3% growth pace estimated in May.

See also  Maui Death Toll Rises To 67

“Unit labor cost data for the first quarter normally doesn’t trigger a reaction. But it signaled a significant improvement,” said Edward Moya, senior market analyst at OANDA in New York.

“The market became confident that, ‘wow the Fed rate hike for June is pretty much not happening’ and confidence is falling for raising rates for July,” he said.

Futures trading showed a 76.2% probability that the Fed will desist from hiking rates at its June 13-14 policy meeting, according to CME Group’s FedWatch Tool.

Reuters Graphics Reuters Graphics

The bill approved late Wednesday in the House of Representatives to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before Monday when the government could start to run out of money.

The word Stock is seen on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermid

“I’m still on the cautious side, but I also recognize that there are a few catalysts that can continue to support the market for period of time,” said Jimmy Chang, chief investment officer at Rockefeller Global Family Office in New York.

“Most people will naturally gravitate towards the soft landing scenario,” Chang said. “My base case remains that we will get a recession in the coming quarters.”

ADP

Leading the S&P 500 higher was a 5.1% gain in Nvidia Corp (NVDA.O), though the chipmaker’s surge on its forecast of greater AI-related revenue still fell short of pushing the company into the elite club of companies valued at $1 trillion or more.

C3.ai Inc (AI.N) slumped 13.2% after the artificial intelligence company forecast an annual revenue outlook below analysts’ estimates.

“There’s going to be a lot of companies that we look at five years from now and be like, ‘why did we think that company was going to be the next big thing?'” said Jason Pride, chief investment officer of private wealth at the Glenmede Trust Co in Philadelphia. “We’ve been staying cautious because of that.”

See also  Bayern Munich could use Marcel Sabitzer in deal to sign Arsenal and Chelsea transfer target: Reports 

Limiting gains on the Dow, Salesforce Inc (CRM.N) fell 4.7% after the company posted its slowest pace of revenue growth in 13 years.

Goldman Sachs Group Inc (GS.N) slid 2.3% after the lender revealed plans of more workforce reductions as the difficult economic environment weighs on dealmaking.

Meta Platforms Inc (META.O) rose 2.98%, helping boost the Nasdaq after unveiling its next-generation mixed reality headset.

Dollar General Corp (DG.N) plunged 19.5% as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Advancing issues outnumbered declining ones on the NYSE by a 3.04-to-1 ratio; on Nasdaq, a 1.99-to-1 ratio favored advancers.

The S&P 500 posted seven new 52-week highs and 18 new lows; the Nasdaq Composite recorded 57 new highs and 110 new lows.

Reporting by Herbert Lash, additional reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta, Maju Samuel and Deepa Babington

: .

Shreyashi Sanyal

Thomson Reuters

Reports on highly consequential global financial markets, covering a range of asset classes. Have been in the game for over 5 years. Reach her at – +917483273460

ceiling Cheer Deal debt Fed hikes Hopes pausing Rises Street Wall
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Ohio mom says she turns her son in for car theft but police keep releasing him: ‘Please arrest him, lock him up’

September 28, 2023

Global markets watch for fallout as Middle East tensions rise

October 16, 2023

Sam Bankman-Fried’s Parents ‘Exploited Their Access and Influence’ to Make Big Money from FTX

November 16, 2023

Recession talk tapers off on latest quarterly conference calls

May 3, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

New Lawsuit Challenges Grant Program That Gives Only To Black Women

August 4, 2023

Sycamore Partners Is Buying Chico’s for $1 Billion and Taking It Private

September 28, 2023

Concordia U. Students Attack Jewish Classmates Protesting Against Hamas

November 10, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.