On Wednesday, June 24, U.S. stocks were mixed as Nasdaq hit a record high while Dow Jones and S&P 500 ended lower. This is due to investors still digesting Fed officials’ different views on asset tapering.
The Nasdaq Composite index smashed 0.13%, with a net increase of $18.46. This sent the stock price higher to $14,271.73 per share.
On the other hand, the S&P 500 ended its two-day winning streak by fluctuating 0.11% with a net change of $4.60. This sent the stock price to the bottom at $4,241.84 per share.
The Dow Jones Industrial Average also plunged 0.21%, with a net change of $71.34. This sent the stock price down to $33,874.24 per share.
Meanwhile, the futures on S&P 500, Dow Jones and Nasdaq all added 0.10%, 0.14%, and 0.11%, respectively.
In the benchmark S&P 500, eight out of its 11 sectors ended in the red, which was led by the utilities dropping 1.10%.
However, energy firms such as Exxon Mobil, Occidental Petroleum, and Devon Energy all spiked. They experienced a rise of 0.74%, 3.17%, and 1.96%, respectively, as oil prices hiked.
Consequently, technology companies like Tesla and Netflix also ended higher by 5.27% and 0.77%, respectively. This rally in Tesla Inc’s stock drove Nasdaq to hit its record high.
The electric car vehicle soared as it opened a solar-powered charging station with on-site storage in the Tibetan capital Lhasa marking its first facility in China.
In conclusion, the S&P 500 recorded 33 new 52-week highs and no new lows, while the Nasdaq Composite posted 91 new highs and 28 new lows.
MSCI World Index
The U.S. Federal Reserve’s latest policy meeting drove the MSCI World Index 0.1% higher as it continues to climb from its one-month low.
Meanwhile, the STOXX 600 plummeted 0.73% since early PMI data showed that the eurozone business growth soared at its fastest pace this month in 15 years. This is due to the unleashing of pent-up demand caused by a boom in the bloc’s dominant services industry.
Also, Germany’s private-sector growth was lifted to its highest level in over a decade this month.
In France, business activity also progressed; however, it is not as much as anticipated.
In Britain, the growth in the private sector cooled slightly from hitting all-time highs in May.
An economist noted to its clients that the eurozone economy seems to recover to its pre-pandemic level of GDP in the fourth quarter of 2021.