US close: Stocks mixed following FOMC decision

(Sharecast News) - Wall Street stocks delivered a mixed performance on Thursday after the Federal Open Markets Committee's latest interest rate decision a day earlier. At the close, the Dow Jones Industrial Average was down 0.17% at 38,647.10, while the S&P 500 advanced 0.23% to 5,433.74 and the Nasdaq Composite saw out the session 0.34% firmer at 17,667.56.

The Dow closed 65.11 points lower on Thursday, off session lows but still extending losses recorded in the previous session as investors digested the Federal Reserve's interest rate decision.

The US central bank kept its benchmark interest rate unchanged, as expected, but acknowledged that it had seen "modest further progress" towards hitting its 2% target level and stated that just one rate cut was coming before the end of 2024, down from the three it had originally signalled.

On the macro front, the number of people in the States filing for unemployment benefits moved higher during the week ended 8 June, according to the Department of Labor, which said initial unemployment claims increased by 13,000 in seasonally adjusted terms. Meanwhile, the four-week moving average, which aims to strip out week-to-week, jumped by 4,750 to 227,000. Secondary unemployment claims, those not being filed for the first time and referencing the week finishing on 1 June, rose by 30,000 to 1.82m.

Elsewhere, wholesale inflation in the US dipped somewhat unexpectedly last month. According to the Department of Labor, so-called final demand prices fell at a month-on-month pace of 0.2% in May (consensus: 0.1%). In terms of annual rates of change, the producer price index slowed from a 2.3% clip in April to 2.2% for May (consensus: 2.5%).

Goods prices accounted for all of the decline, dropping by 0.8% as energy costs fell back by 4.8% versus April. Food prices on the other hand only dipped by 0.1%, while services prices were flat over the month. Core producer prices were flat over the month (consensus: 0.3%).

In the corporate space, Broadcom shares rallied after the chipmaker topped expectations with its Q2 trading performance and announced a ten-for-one stock split, while Dave & Buster's stock headed south after a Q1 revenue miss, Adobe traded higher in extended trading after its quarterly earnings impressed the Street, and Tesla shares shot up after chief executive Elon Musk revealed shareholders looked set to approve his controversial $56.0bn pay package and a resolution to incorporate the electric carmaker in Texas.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

JP Morgan Chase & Co. (JPM) $193.57 1.11% Home Depot Inc. (HD) $347.88 1.09% Unitedhealth Group Inc. (UNH) $497.30 0.86% Procter & Gamble Co. (PG) $166.46 0.74% Walmart Inc. (WMT) $66.71 0.59% Apple Inc. (AAPL) $214.24 0.55% Nike Inc. (NKE) $94.32 0.53% 3M Co. (MMM) $101.54 0.33% Visa Inc. (V) $271.25 0.32% Coca-Cola Co. (KO) $62.97 0.17%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $229.03 -2.87% Boeing Co. (BA) $180.70 -1.08% Intel Corp. (INTC) $30.46 -0.98% Chevron Corp. (CVX) $152.84 -0.89% Amgen Inc. (AMGN) $298.50 -0.86% American Express Co. (AXP) $222.19 -0.83% Caterpillar Inc. (CAT) $326.26 -0.72% Walt Disney Co. (DIS) $100.09 -0.70% Merck & Co. Inc. (MRK) $129.35 -0.64% Walgreens Boots Alliance, Inc. (WBA) $15.45 -0.58%

S&P 500 - Risers

Broadcom Inc. (AVGO) $1,678.99 12.27% Arista Networks Inc. (ANET) $331.67 6.53% Incyte Corp. (INCY) $62.69 4.59% Qorvo, Inc. (QRVO) $113.45 4.35% Hewlett Packard Enterprise (HPE) $21.76 4.07% Skyworks Solutions Inc. (SWKS) $106.50 3.76% Nvidia Corp. (NVDA) $129.61 3.52% Kimberly-Clark Corp. (KMB) $139.43 3.14% Chipotle Mexican Grill Inc. (CMG) $3,265.26 2.98% Vornado Realty Trust (VNO) $25.40 2.96%

S&P 500 - Fallers

Albemarle Corp. (ALB) $108.50 -3.92% Danaher Corp. (DHR) $255.01 -3.63% General Electric Co. (GE) $155.69 -3.33% FMC Corp. (FMC) $55.42 -3.31% CenturyLink Inc. (LUMN) $1.19 -3.25% Nektar Therapeutics (NKTR) $1.25 -3.10% Helmerich & Payne Inc. (HP) $34.16 -3.04% Paypal Holdings Inc (PYPL) $61.54 -2.98% CF Industries Holdings Inc. (CF) $72.90 -2.98% Salesforce.Com Inc. (CRM) $229.03 -2.87%

Nasdaq 100 - Risers

Broadcom Inc. (AVGO) $1,678.99 12.27% Incyte Corp. (INCY) $62.69 4.59% Skyworks Solutions Inc. (SWKS) $106.50 3.76% Nvidia Corp. (NVDA) $129.61 3.52% Tesla Inc (TSLA) $182.47 2.92% Align Technology Inc. (ALGN) $271.51 2.02% Seagate Technology Plc (STX) $104.76 1.86% Micron Technology Inc. (MU) $143.14 1.70% Marriott International - Class A (MAR) $240.47 1.65% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $396.39 1.61%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $0.68 -3.87% Sirius XM Holdings Inc (SIRI) $2.54 -3.61% Paypal Holdings Inc (PYPL) $61.54 -2.98% Cognizant Technology Solutions Corp. (CTSH) $64.61 -2.55% Dollar Tree Inc (DLTR) $106.53 -2.15% Monster Beverage Corp (MNST) $48.72 -2.11% Analog Devices Inc. (ADI) $234.03 -1.85% Workday, Inc. (WDAY) $207.08 -1.83% Microchip Technology Inc. (MCHP) $92.81 -1.81% Amazon.Com Inc. (AMZN) $183.83 -1.64%