US Market Roundup: Dow Jones Down in Third Consecutive Session, Nasdaq Composite Achieves Highest Close in 8 Months

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The Dow Jones is down for the third consecutive session
The Nasdaq Composite achieved its highest close in more than 8 months

The major US indices closed mixed on Wednesday’s session after inflation data for April came in better than expected.

The Consumer Price Index rose 4.9% in April, compared to expectations of 5%, renewing hopes that the Fed’s rate hike cycle is coming to an end.

Talks about raising the federal government’s $31.4 trillion debt ceiling also entered a new phase on Wednesday as some potential areas of compromise emerged after the White House meeting on Tuesday.

US indicators:

The Dow Jones index declined by 0.09%, equivalent to 30 points, recording its third daily decline in a row, pressured by the decline in American Express and Chevron shares by 3% and 1.3%, respectively.

While the S&P 500 index rose by 0.4%, the Nasdaq Composite Index rose by more than 1%, recording its highest close in more than 8 months, specifically since late August 2022.

Technology stocks recorded a remarkable recovery after the technology sector rose by 1.5% in the S&P 500 and by 1.6% in the Nasdaq index.

Alphabet share:

Alphabet stock jumped more than 4% in Wednesday’s session, its highest close in more than 8 months.

The company achieved market gains of about $56 billion in one day, raising its market value to more than $1.4 trillion.

And Alphabet announced it was adding more artificial intelligence services to its core search product in response to competition from Microsoft.

Airbnb stock:

Airbnb stock fell nearly 11%, posting its biggest daily loss in more than 6 months, due to weak booking expectations as well as lower average daily prices in the second quarter.