Wall Street Averages Drop, PCE Data Awaited, Trump’s Legal Woes, Chinese Manufacturing Contraction, Oil Prices Face Challenges
In the financial arena, Wall Street experienced a dip as U.S. economic figures were revised downwards for the first quarter and jobless claims surpassed expectations. Additionally, Salesforce’s stock took a hit following a disappointing forecast. The upcoming release of the personal consumption expenditures (PCE) price index could influence the Federal Reserve’s stance on potential rate cuts.
Trump Media & Technology faced setbacks as Donald Trump was found guilty in a high-profile trial related to hush money payments. The market response was negative, reflecting the impact of legal challenges on the company’s stock price.
Chinese manufacturing unexpectedly contracted in May, raising concerns about the need for further support measures. In a disappointing turn, the purchasing managers’ index (PMI) data fell below expectations, signaling a contraction in the key manufacturing sector.
Oil prices remained steady but were headed for monthly losses due to fears of reduced demand amid tight monetary policies. While U.S. oil inventories saw a decline, worries persisted over sluggish consumer demand as summer approached, with gasoline inventories exceeding forecasts.
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