On Wednesday, all three key indices of Wall St. had managed to wind up the day in an affirmative territory ahead of key US economic data scheduled to be released on Thursday as market participants’ optimisms were largely countered by inflation concerns, however, a fresh upsurge in so-called meme stocks helped tech-heavy Nasdaq score modest gains.
In point of fact, in the day’s Wall Street had witnessed an extension in investors’ cautions as a weekly unemployment report alongside May non-firm payroll data scheduled to be released on Thursday, weighed heavily on traders’ morale.
Nevertheless, benchmark S&P 500’s energy sub-index, had spanned its winning run, gained as much as 1.7 per cent as crude oil futures were chartering well-above their 15-month peak, while a 3.0 per cent plunge in Tesla Inc shares had kept a lid on the gains on both S&P 500 and Nasdaq.
Growing concerns over US Fed’s policy stance amid what might turn out to be a prolonged period of higher inflation, had pushed investors on their heels in recent weeks.
Wall St. inches higher ahead of May non-farm payroll data
Citing statistics, in the day’s Wall Street closing bell, trade-sensitive Dow added 0.07 per cent to 34,600.38 and benchmark S&P 500 rose 0.14 per cent to 4,208.12, while tech-heavy Nasdaq gained 0.14 per cent to 13,756.33 amid a return of retail buying frenzy with AMC stocks soaring more than 95 per cent to $62.55 per share.
Meanwhile, addressing to a growing investors’ caution amid a lack of fresh impetus, a chief market strategist at Truist Advisory Services in Atlanta, Keith Lerner said, “After the fastest start to a bull market in history, we have seen expectations increase quite a bit so it’s harder to surprise the market.
After we have had that big run the last six or seven weeks the market has been in a trading range and you are consolidating those gains. ”