The most important economic indicator, the Dow Jones index, showed a confident growth of 0.14%. On this day, trading on the New York Stock Exchange witnessed a noticeable increase in major indices. The S&P 500 and NASDAQ Composite improved their indicators by 0.85% and 1.58% respectively, confirming the stability and prosperity of the current economic situation. Companies thriving under the Dow Jones index, Microsoft Corporation (NASDAQ:MSFT), Cisco Systems Inc (NASDAQ:CSCO) and Salesforce Inc (NYSE:CRM) stood out against other stocks. The significant growth of Microsoft's shares by 5.46 points (1.62%) confirmed their confident position in the market, ending the day at 342.66. Cisco Systems' shares also demonstrated resilience, increasing their value by 0.79 points (1.56%) and ending trading at 51.53. Salesforce shares, which increased in price by 3.09 points (1.36%), reaching the mark of 230.37, should also be mentioned.
On the other hand, not all companies ended the day on a positive note. Among the most significant losses, it is worth noting the shares of Walgreens Boots Alliance Inc (NASDAQ:WBA), which experienced a decrease of 0.58 points (1.91%), ending the trading session at 29.74. Despite the fact that The Travelers Companies Inc (NYSE:TRV) shares strengthened by 2.90 points (1.69%), reaching a mark of 168.22, Chevron Corp (NYSE:CVX) shares retreated by 2.13 points (1.33%), finishing the day at 157.51.
However, among the components of the S&P 500 index, there were noticeable growth leaders. EPAM Systems Inc (NYSE:EPAM) rose by 4.82%, reaching a mark of 244.65, NVIDIA Corporation (NASDAQ:NVDA) added 4.74%, closing at 459.83, and shares of Alphabet Inc Class A (NASDAQ:GOOGL) overcame the mark by 4.72%, ending the session at 124.54.
But even on this rising day, there were shares that experienced a fall. Shares of Progressive Corp (NYSE:PGR) fell by 13.12%, ending the session at 114.78. Southwest Airlines Company (NYSE:LUV) shares lost 3.92%, closing at 37.04. And finally, shares of Fastenal Company (NASDAQ:FAST) fell by 3.46%, stopping at 56.70.
Components of the NASDAQ Composite index also marked bright victories in the market. The growth leader was EdtechX Holdings Acquisition Corp II (NASDAQ:EDTX), surpassing an impressive growth threshold of 202.94% and ending trading at 43.23. Genesis Growth Tech Acquisition Corp (NASDAQ:GGAA), which gained 81.26% and closed at 21.57, and shares of Nikola Corp (NASDAQ:NKLA), which improved their position by 60.87%, ending the trading session at 2.22, also demonstrated significant growth.
However, the market did not spare some companies, such as First Wave BioPharma Inc (NASDAQ:FWBI), which lost 32.46% and closed at 0.90. Healthcare Triangle Inc (NASDAQ:HCTI) shares also felt the hit, losing 30.65% and closing the session at 4.30. Finally, shares of SunCar Technology Group Inc (NASDAQ:SDA) fell by 30.09%, ending the trade at 8.18.
In summary, on the New York Stock Exchange, the number of securities showing growth (2045) exceeded the number that closed in the negative (891), while quotes of 105 stocks remained virtually at the same level. According to NASDAQ stock exchange data, shares of 2245 companies rose in price, prices of 1296 companies fell, and 146 remained at the level of the previous closing.
New data published on Wednesday indicate a slowdown in annual inflation in the US in June to 3% compared to 4% the previous month, which is slightly below the analysts' forecasted level of 3.1%. Consumer price indicators are actively attracting market attention as they may indicate potential changes in the monetary policy of the Federal Reserve System (Fed).
The US central bank, after completing the June meeting, decided to keep the key interest rate at 5-5.25%, however, it acknowledged that a rate hike is quite possible. At the moment, the market is almost 95% certain of a Fed rate hike by 25 basis points at the next meeting on July 25-26. The probability that the rate will be maintained at the reached level (5.50%) at the September meeting is estimated at 80.5%, which is 13.8% higher than a week ago; at the meeting in November this probability is 70.8%, and in December - 60.3%.
The chances of a rate cut starting in January 2024 increased to 41.1%, which is more than twice the figure a week ago at 18%.
The CBOE Volatility Index, which reflects the trading of options on the S&P 500, increased by 0.52% and reached the mark of 13.61.
The price of gold futures for delivery in August increased by 0.16%, or 3.05, amounting to $1,000 per troy ounce. As for other commodities, the prices for August WTI oil futures rose by 2.01%, or 1.52, and amounted to $77.27 per barrel. Brent oil futures for delivery in September rose by 1.95%, or 1.56, reaching the mark of $81.67 per barrel.
Meanwhile, in the Forex market, the euro to dollar rate (EUR/USD) increased by 0.89% and amounted to 1.12, while the dollar/yen pair (USD/JPY) decreased by 0.33%, reaching the level of 138.04. The futures on the Dollar Index, which reflects the value of the dollar relative to a basket of major currencies, fell by 0.76% and amounted to 99.43.
