(News Bulletin 247) – The New York Stock Exchange benefited on Wednesday from figures confirming a welcome slowdown in inflation in the United States: the Dow Jones gained more than 0.2% to 34,347 points, while the Nasdaq Composite jumped more than 1.1% to 13,919 points.
Released before the opening, the US consumer price index in fact only increased by 3% in June compared to the same month of 2022, an annual rate that was sharply down from the previous month, and slightly below expectations of economists.
Excluding energy and food products, two traditionally volatile categories, the annual inflation rate slowed more moderately to stand at 4.8%, a level also slightly below that expected by the market on average.
“While the Federal Reserve is likely to raise rates again at the end of this month, these data support our view that this should be the last hike,” Commerzbank said.
Other data from the session, crude oil inventories rose to 458.1 million barrels last week in the United States, signaling an increase of 5.9 million barrels compared to the previous one.
In the news of values, Broadcom took 0.9% following the green light from Brussels to its acquisition of VMware, an approval however conditional on full compliance with the commitments offered by the purchaser.
Bristol-Myers fell 0.8% despite the healthcare group announcing positive data for its Opdivo, which showed survival benefits in unresectable or metastatic urothelial carcinoma.
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