Thu, June 27, 2024 at 22:39

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some interesting news about the New York stock market and various economic indicators.

  • 
• Annie

  • Hi, Kang-hoon!😊 I'm excited to hear about it.

  • How did the stock market perform?

  
• 

  Kang-hoon

  • The three major stock indexes in New York closed higher, but the gains were modest.

  • The Dow Jones Industrial Average rose by 0.09%, the S&P 500 also increased by 0.09%, and the Nasdaq Composite Index went up by 0.30%.

• Annie

  • That's good to hear!

  • But why were the gains only modest?

  
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• 

  Kang-hoon

  • Profit-taking intensified ahead of the end of the quarter, which kept the gains modest.

  • Investors were locking in profits from the recent rallies.

• Annie

  • I see.

  • What about the U.S. GDP growth for the first quarter?

  
• 

  Kang-hoon

  • The final estimate of U.S. GDP growth for the first quarter was 1.4%, which is slightly higher than the preliminary estimate of 1.3%.

  • However, it's a slowdown compared to the 3.4% growth in the fourth quarter of last year.

• Annie

  • That's quite a slowdown.

  • Is this a concern for the economy?

  
• 

  Kang-hoon

  • Not necessarily.

  • The Federal Reserve is actually seeking moderate growth to avoid overheating the economy.

  • The numbers show that the economy has cooled off somewhat, but not enough to cause recession concerns.

• Annie

  • Interesting.

  • What did the Federal Reserve Bank of Atlanta President say about interest rates?

  
• 

  Kang-hoon

  • President Raphael Bostic expects one rate cut this year.

  • He suggested a 25 basis point cut in the fourth quarter would be appropriate.

• Annie

  • Got it.

  • How about the labor market?

  • Any updates?

  
• 

  Kang-hoon

  • Yes, the number of new U.S. jobless claims fell, indicating the labor market is heating up again.

  • New claims for unemployment insurance came in at 233,000 for the week ended April 22, down 6,000 from the previous week.

• Annie

  • That's good news for the job market!

  • What about durable goods orders?

  
• 

  Kang-hoon

  • U.S. durable goods orders rose for the fourth consecutive month, pointing to a robust economy.

• Annie

  • Great!

  • How did individual stocks perform?

  
• 

  Kang-hoon

  • Semiconductor stocks were the weakest performers.

  • Micron had its worst day in nearly two years, plunging more than 7%.

  • 

  • Nvidia also fell by 1.9%.

  • On the other hand, Amazon continued its strong performance, rising more than 2%.

• Annie

  • Wow, Amazon is doing well!

  • What about other sectors?

  
• 

  Kang-hoon

  • Real estate and communications were the top-performing sectors, with gains of 0.93% and 0.77%, respectively.

  • However, no sector gained more than 1% on the day.

• Annie

  • Interesting.

  • Any updates on the cryptocurrency market?

  
• 

  Kang-hoon

  • Yes, Bitcoin has risen more than 1% over the past 24 hours.

  • Increased inflows into spot BTC ETFs and a technical rebound have lured bullish investors back.

• Annie

  • That's good news for Bitcoin investors!

  • Lastly, what should we look out for next?

  
• 

  Kang-hoon

  • All eyes will be on the May personal consumption expenditures (PCE) price index, which will be released tomorrow.

  • If the PCE comes in softer, expectations for a rate cut will be bolstered.

• Annie

  • Thank you, Kang-hoon.

  • So, overall, would you say this news is positive for the market?

  
• 

  Kang-hoon

  • Yes, overall, the news is positive.

  • The modest gains in the stock market, the robust labor market, and the potential for a rate cut all point to a stable economic environment.

  • Investors should remain cautiously optimistic.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.