US stock market: Deterioration in sentiment leads to slight gains

US stock market: Deterioration in sentiment leads to slight gains

A slight deterioration in sentiment in the US services sector on Wednesday supported the New York stock market. The Dow Jones Industrial rose by 0.24 percent to 39,265.14 points, while the S&P 500 rose by 0.33 percent to 5,223.12 points. The Nasdaq 100 recorded an increase of 0.32 percent to 18,179.41 points. Despite the slightly negative sentiment, the indices remain close to their record highs.

The purchasing managers' index for the service sector was weaker than expected, but equity investors reacted positively to this development. This is partly because the Fed may not be able to raise interest rates as quickly. ADP jobs data also pointed to a robust economy as the private sector added more jobs than expected in March.

However, some stocks showed losses, including Intel, whose shares fell 6.6 percent. Investors were dissatisfied with the details of the chip contract manufacturing business, as the group expects losses in this area for several more years. Wolfspeed, a semiconductor company, also posted losses after analysts downgraded it to equal-weight as it struggled to find major customers besides Tesla.

Music streaming service Spotify plans price hikes, causing shares to rise 5.6 percent. This shows that despite the gloomy mood in the service sector, some companies continue to act positively on the stock market.