Home Business News US market reacts to federal reserve signals and corporate earnings

US market reacts to federal reserve signals and corporate earnings

6th Feb 24 4:27 pm

US stock market futures were under some pressure today, following a minor correction yesterday.

This comes as investors weigh the Federal Reserve’s potential timing for rate cuts against economic data that demonstrates strong resilience. Markets are currently anticipating a possible rate cut in May.

Investors are also awaiting a new wave of earnings reports today, which could reinforce the market’s strong momentum.

In terms of sector performance, Materials and Utilities were the worst hit yesterday, declining by 2.52% and 2.03% respectively while most other sectors were in the red as well.

The Materials sector was particularly impacted by Air Products and Chemicals, which dropped over 15.55% and became the top percentage loser on the S&P 500 after it reported disappointing earnings and reduced its FY24 forecast.

Conversely, the semiconductor industry saw gains, with NXP Semiconductors rising by 2% on better-than-expected results, and NVIDIA climbing over 4% as expectations regarding AI remain positive.

McDonald’s dropped more than 3% following weaker-than-expected global sales, partly due to boycotts in the Mideast.

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]