Dow Edges Higher Despite Contracting Economy

A 75 basis point rate hike is looking more likely next month

Digital Content Manager
Jun 29, 2022 at 4:29 PM
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The Dow retained its afternoon gains on Wednesday, adding 82 points, though Wall Street is still heading for the worst first half of the year since 1970. The S&P 500 and Nasdaq both settled slightly below breakeven, after Federal Reserve Bank of Cleveland President Loretta Mester reignited recession fears when she noted she may support a 75 basis point interest rate hike in July. In other news, revised gross domestic product (GDP) data showed the U.S economy contracted in the first quarter.

Continue reading for more on today's market, including:

  • What you need to know about Shopify's stock split.
  • Unpacking General Mills' latest earnings beat.
  • Plus, 25 stocks to target in July; a cruise stock capsizing; and Bed Bath & Beyond CEO hits the road.

The Dow Jones Average (DJI -  31,029.31) added 82.3 points, or 0.3% for the day. McDonald's (MCD) led the gainers, adding 2%. Caterpillar (CAT) paced the laggards with a 2.1% drop.

The S&P 500 Index (SPX - 3,818.83) shed 2.7 points, or 0.07% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,177.89) lost 3.7 points, or 0.03% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 28.16) fell 0.2 point, or 0.7% for the day.

closing indexes june 29

nyse and nasdaq june 29

5 Things to Know Today

  1. Alphabet-owned Google (GOOGL) executive Nick Fox is to lead the company's commerce and payments business, after Bill Ready's move to Pinterest (PINS). (CNBC)
  2. Electric vehicle (EV) name Nio (NIO) is disputing a Grizzly Research short-seller report, noting it contained errors and unsupported speculations. (MarketWatch)
  3. Hologic stock is among the best 25 names to own in July.
  4. This damning bear note sent Carnival stock even lower.
  5. How BBBY responded to its CEO's departure.

earnings june 29

 uvol june 29

Oil Prices Snap Win Streak on Production Boost Talks

Oil prices settled lower on Wednesday, snapping a three-day win streak. Black gold brushed off Energy Information Administration (EIA) data that showed a decline in U.S. crude inventories in the last two weeks, with investors expecting the Organization of the Petroleum Exporting Countries and their allies (OPEC+) to confirm a production boost for August. August-dated crude lost $1.98, or 1.8%, to settle at $109.78 per barrel.

Gold prices were also lower for a third consecutive day. The yellow metal suffered as the U.S. dollar regained strength after the central bank reinforced its hawkish policy. August-dated gold shed $3.70, or 0.2%, to close at $1,817.50 an ounce.

 

 

 

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