NEW YORK, June 22 — The S&P 500 and Nasdaq closed marginally lower yesterday, weighed down by a decline in Nvidia shares for a second straight day, which dragged down the...
Tengku Zafrul: Last year’s weak ringgit main reason for Malaysia’s slide in world competitiveness, but ranking to improve as currency stronger nowTechnology was the biggest loser among the 11 major S&P 500 sectors, down 0.84 per cent, weighed by Nvidia, while communication services led the gain.
“Basically all the activity is now concentrated in Nvidia call options,” he added. “Seven million option contracts Nvidia have traded. That’s something in the neighbourhood of three or four times the quantity of contract volume that would have traded for the market in total five years ago.”The Dow Jones Industrial Average rose 15.57 points, or 0.04 per cent, to 39,150.33, the S&P 500 lost 8.55 points, or 0.16 per cent, to 5,464.62 and the Nasdaq Composite lost 32.23 points, or 0.
US business activity reached a 26-month high in June amid a rebound in employment, while easing price pressures suggested the recent inflation slowdown may continue. Money markets are still pricing in a 58 per cent chance of a 25-basis point rate cut in September, and still expect about two rate cuts this year, according to LSEG’s FedWatch data.
Shares of Spirit AeroSystems rose 6.00 per cent following a Reuters report that Boeing is nearing a deal to buy back the airplane parts supplier after months of talks.
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