The Dow Jones Industrial Average reached another all-time high in a day of mixed trading for Wall Street, with the Dow gaining 9 points (less than 0.1%). The S&P 500 and Nasdaq composite both saw increases of 0.2%. Paramount’s parent company saw a more than 7% decline after Edgar Bronfman Jr. withdrew his bid, allowing for the company to be acquired by Skydance.
Stock indexes on Wall Street fluctuated following the Dow Jones Industrial Average hitting a record high. The S&P 500 rose 0.1%, the Dow increased by 4 points, and the Nasdaq composite saw a 0.2% rise in afternoon trading. Nvidia, a semiconductor company valued at over $3 trillion, is set to release its latest financial results and experienced a 1.5% increase. The company has seen a significant rise in stock value this year due to interest in artificial intelligence.
The parent company of Paramount dropped 6.6% after Bronfman Jr. backed out of the bidding process. Treasury yields remained steady, with the 10-year Treasury yield moving to 3.83% from 3.82%. Consumer confidence in August rose to 103.3, a positive sign that consumers are resilient despite inflation pressures.
Consumer spending, a crucial part of the U.S. economy, remains strong alongside the job market. Companies like Best Buy and Dollar General are scheduled to report their recent results. Most companies in the S&P 500 have reported better-than-expected profits this season, leading to positive reactions from traders.
Hain Celestial Group saw a 17.2% surge after surpassing Wall Street’s profit estimates. Trip.com Group’s second-quarter earnings also beat forecasts, with strong travel demand highlighted. Cruise line operators experienced increases in their stock value, with Royal Caribbean rising by 4.2%, Norwegian Cruise Line by 4.3%, and Carnival by 3.6%.
Investors are anticipating the government’s inflation data release on Friday, particularly the PCE report for July, which could impact the Federal Reserve’s decision on interest rates. The Fed is expected to cut interest rates at its upcoming September meeting, with a potential 1% reduction by year-end. European markets generally rose, while Asian markets saw mixed results.
Dow Jones Industrial Average inches up to set another record high in mixed trading on stock market today
