Market Update
The major U.S. stock indexes, including the Dow Jones Industrial Average (DJIA), S&P 500, and Nasdaq Composite, exhibited modest gains on Wednesday, each rising to just below 1% by noon ET. Key developments in commodities saw U.S. crude oil prices drop below $70 per barrel for the first time since the onset of the Iran conflict, while gold prices fell 2.7% as safe-haven investments unwound.
In significant corporate news, Alphabet, the parent company of Google, is set to replace Verizon in the Dow on Monday. Shares of Alphabet rose roughly 2% following the announcement, while Verizon’s stock declined by about 2%. Micron Technology is also in focus, with its fiscal third-quarter results due after Wednesday’s market close. The company has seen a 712% increase in stock price over the past year, but is currently trading 14% below its recent intraday peak.
Looking ahead, the PCE inflation report scheduled for Thursday morning is anticipated to report a 4.1% increase, triggering heightened rate-hike expectations. This comes amidst a period of minimal market-moving financial reports as analysts await further earnings season insights.
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