The U.S. wholesale price index in April plummeted, but consumer indicators showed a significant decline in growth, leading to a mixed close for the three major indexes on the New York Stock Exchange for the third consecutive day.
On the New York Stock Exchange, the Dow Jones Industrial Average, focused on blue-chip stocks, closed up 0.65% at 42,322.75.
The S&P 500, centered on large-cap stocks, rose 0.41% to 5,916.93, while the tech-focused Nasdaq Composite declined 0.18% to close at 19,112.32.
Retail sales in the U.S. for April, announced by the Department of Commerce, increased by 0.1% month-on-month. However, compared to the previous month’s growth rate of 1.7%, the growth was significantly subdued, fueling concerns about a slowdown in consumer activity.
Meanwhile, the Producer Price Index for April fell by 0.5% from the previous month, hitting its lowest point in five years.
Raymond James, a U.S. investment bank, noted, “Consumers are becoming increasingly discerning, carefully choosing what to spend on and where to cut expenses.”
Amid a mixed performance from the ‘Magnificent 7,’ referring to seven giant tech companies, Amazon and Meta fell by more than 2%, while Tesla dropped by 1.40%.
Meta’s investment sentiment deteriorated with news of delaying the launch of new AI services.
Walmart, a leading supermarket chain, reported better-than-expected first-quarter results, but the management warned of price hikes due to high tariffs, resulting in a slightly weak closing.
Shares of U.S. sports footwear and apparel retailer Foot Locker surged by 85% following news that the largest U.S. sporting goods retailer, Dick’s Sporting Goods, agreed to acquire it for $2.4 billion.
Cryptocurrency exchange Coinbase’s stock plunged 7.2% after revealing that hackers had bribed Coinbase employees to steal customer data for social engineering attacks.
Federal Reserve Chairman Jerome Powell gave a speech but did not mention interest rate cuts, having little market impact.
According to the CME FedWatch tool, the probability of the Federal Funds Rate remaining unchanged in June was reflected at a similar 91.8% as the previous day.
The CBOE Volatility Index (VIX) decreased by 0.79 points (4.24%) to 17.83 compared to the previous session.
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