The Dow Jones Industrial Average (DJIA) remained stagnant just above 39,000.00 on Thursday following mixed US data. Initial Jobless Claims came in better than expected, but still on the higher side, while Personal Consumption Expenditures (PCE) rose faster than anticipated in Q1. Investors now turn their attention to Friday’s US PCE Price Index inflation print, hoping for continued cooling in inflation numbers to potentially prompt rate cuts by the Federal Reserve.
US GDP met expectations on Thursday, with Q1 GDP slightly revised to 1.4%. Core Personal Consumption Expenditures also rose slightly to 3.7% QoQ. The upcoming Presidential debate after the market close will be closely watched for any policy hints from candidates.
In terms of securities, about half of the Dow Jones’ constituent stocks were in the red on Thursday, with Merck & Co Inc. leading losses. On the positive side, Salesforce Inc. saw a significant increase.
The Dow Jones index saw a slight gain on Thursday, settling around the 39,250.00 region. However, momentum remains subdued, and the index is currently below recent all-time highs.
Overall, the Dow Jones remains in a soft churn pattern as investors await Friday’s US PCE Price Index inflation print for further direction.