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Wall Street divided on Easter Monday: Dow Jones Index closed 0.61 percent lower, while NASDAQ Composite rose slightly. Inflation data in focus.
The US stock exchanges were in a quandary on Easter Monday. The Dow Jones closed lower while the NASDAQ rose slightly. Inflation data and Fed interest rate expectations were the main topics of the day. #US stock market #Easter Monday #finance
Wall Street divided on Easter Monday: Dow Jones Index closed 0.61 percent lower, while NASDAQ Composite rose slightly. Inflation data in focus.
US stock markets in conflict on Easter Monday
There was no consensus among investors on Wall Street on Easter Monday. The Dow Jones Index began the Easter session unchanged and then fell 0.61 percent to 39,565.79 points. The NASDAQ Composite, on the other hand, rose slightly at the start of trading and closed 0.11 percent higher at 16,396.83 points.
Inflation data in focus
The inflation data published on Friday was of interest to traders. However, trading was thinner than usual as many international markets were not yet open due to the Easter holidays. The total price index (PCE) for personal consumption expenditures rose 2.5 percent in the 12 months to February, as expected. The core rate fell to 2.8 percent from 2.9 percent in January.
US Federal Reserve and interest rate cuts
Market participants expect the US Federal Reserve could start cutting interest rates in June based on current data. US Federal Reserve Chairman Jerome Powell said the Fed is well positioned to respond to various economic developments.
Economic data and contradictory signals
The economic data published on Monday showed an inconsistent picture of the USA. The mood in industry surprisingly improved in February, while construction spending continued to fall. Overall, price developments were as expected and should not deter the Fed from potentially cutting interest rates.
Outlook on the US stock market
US stock markets remained divided over the direction of the market on Easter Monday. Inflation data and expectations of interest rate cuts by the US Federal Reserve shaped events. The international markets were also not fully active due to the holidays.