New York stock market opens with mixed movement

The S&P 500 index rose 0.03 percent to 4,181.10 points and the Nasdaq index rose 0.05 percent to 12,941.97 points. While developments in the US debt limit and uncertainties regarding the US Federal Reserve’s (Fed) monetary policy remained in the focus of investors, a mixed course was observed in the stock markets at the opening of the new day.

The U.S. House of Representatives passed a bill yesterday evening that would increase the debt limit and prevent the country from going into default. The bill, which envisions a suspension of the debt limit until 2025 and limiting federal spending for two years, must pass the Democrat-controlled Senate and become law by June 5.

On the macroeconomic data side, private sector employment in the USA increased by 278 thousand people in May, exceeding market expectations. In the said period, annual wage growth decreased from 6.7 percent to 6.5 percent.

The number of people who applied for unemployment benefits for the first time in the USA, on the other hand, was below expectations despite the increase of 232 thousand in the week ending May 27.

Non-agricultural labor productivity in the country decreased by 2.1 percent in the first quarter of 2023, less than expected, compared to the previous quarter.

Analysts said the data continues to point to a tight labor market, raising expectations that interest rates will need to stay higher for longer.

Source: Dünya Gazetesi by

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