US stock exchanges end Tuesday with mixed results
Date
7/31/2024 9:48:21 AM
(MENAFN) Major stock exchanges in the U.S. ended Tuesday with mixed results as investors keenly await any indication of a potential rate cut from the Federal Reserve, which is set to conclude its two-day meeting on Wednesday. The Dow Jones Industrial Average increased by 203 points, or 0.5 percent, closing at 40,743 points. Conversely, the S&P 500 fell by 27 points, or 0.5 percent, ending the day at 5,436 points. The nasdaq Composite experienced a sharper decline, dropping 222 points, or 1.28 percent, to finish the session at 17,147 points.
Despite the prevailing anticipation, the Federal Reserve is widely expected to maintain the current interest rates on Wednesday. However, there is speculation that the central bank might hint at a possible rate cut in September. This uncertainty has contributed to a cautious trading environment, reflected in the performance of the indices.
The market's volatility was evident as the VIX index, often referred to as the "fear index," surged by 6.6 percent, reaching 17.69. Meanwhile, the yield on the 10-year U.S. Treasury note fell by 0.9 percent to 4.140 percent, indicating increased demand for safer investments amid the economic uncertainty. The dollar index saw a slight decrease of 0.04 percent, settling at 104.52, while the euro declined by 0.06 percent against the dollar, trading at USD1.0812.
In the commodities market, precious metals saw a notable rise. Gold prices increased by 1.1 percent, reaching USD2,410 per ounce, and silver surged by 1.9 percent, trading at USD28.37 per ounce. Conversely, oil prices experienced a slight decline, with global benchmark Brent crude falling by 0.6 percent to USD78.58 per barrel and U.S. benchmark West Texas Intermediate decreasing to USD75.34 per barrel. This decline in oil prices reflects ongoing fluctuations in the global energy markets amid broader economic concerns.
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