Stock market today: Live updates

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Stock market today: Live updates

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Traders on the flooring of the NYSE,Aug 4, 2022.

Source: NYSE

Stock futures inched lower Wednesday after the U.S. House advanced the financial obligation ceiling expense in a vital action to prevent a U.S. default, advancing it to the Senate simply days ahead of the default due date.

Futures on the Dow Jones Industrial Average fell 31 points, or 0.09%, removing earlier gains. S&P 500 futures were flat and Nasdaq 100 futures fell 0.16%.

The market covered the month of May, marked by a remarkable rally in synthetic intelligence-related stocks.

Nordstrom leapt 7% in prolonged trading after its financial first-quarter sales beat Wall Street’s expectations. Salesforce shares fell about 6% after the software application business bumped up its full-year projection however reported greater capital spending than anticipated.

The Nasdaq Composite ended May with a 5.8% gain as interest around AI continued to improve associated stocks. Chipmaker Nvidia leapt 36% in May, briefly touching a $1 trillion market cap today. Alphabet, Meta and Amazon all increased a minimum of 10% throughout the month.

Outside of tech, gains were difficult to come by, nevertheless. The S&P 500 inched up 0.3% in the month, while the blue-chip Dow fell practically 3.5%, dragged down by Nike, Walt Disney and Chevron

“We have been impressed by the resilience of this market since the March low, absorbing a relentless onslaught of negative sentiment and headlines,” stated Craig Johnson, primary market specialist at Piper Sandler.

Beyond the financial obligation ceiling fight, financiers are expecting the Federal Reserve’s June 13-14 policy conference as another possible market driver. Philadelphia Fed President Patrick Harker stated Wednesday that he’s favoring avoiding a rate walking at the upcoming event. However, he included that Friday’s payrolls report might alter his mind.

A variety of financial information is set for release Thursday, consisting of weekly out of work claims and the getting supervisors’ index.