It closed today’s session with a marginal increase in Wall Street the S&P 500, with investors eyeing inflation data that will be released tomorrow, Friday, and could provide an idea of when the Federal Reserve will begin cutting interest rates.
The index rose 0.09 percent to 5,482.87 points. The Nasdaq closed at 17,858.68, up 0.3 percent, while the Dow Jones Industrial Average added 36.26 points, or 0.09 percent, to end at 39,164.06.
Semiconductor stocks remained in the red today, raising questions about whether AI can continue to fuel markets’ recovery. Micron shares fell more than 7% after the chipmaker released revenue guidance that was in line with analyst estimates. Semiconductor giant Nvidia in the area of artificial intelligence also closed down 1.9%.
The individual consumer spending index for May, which is closely monitored by the Federal Reserve for inflation developments, is expected to be released tomorrow, Friday. Economists see the structural index, which excludes food and energy prices, rising 0.1% monthly and 2.6% annually.
Investors hope the data will show an easing of price pressures, paving the way for a U.S. rate cut later in the year.
“The market currently looks overbought and relatively expensive based on the valuations of some of the big names in the tech sector. There may need to be a balance to be struck so that other sectors can coexist with tech or even begin to lead the market,” said Quincy Crosby, a strategist at LPL Financial.
Elsewhere in the market, Levi Strauss shares fell 15.4% after the company’s quarterly earnings disappointed investors. Walgreens BootsAlliance also sank more than 22% after downgrading estimates for this year’s performance.