The Nasdaq hits an all-time high
The Nasdaq closed at a record high Wednesday as multiple tech stocks rose to fresh peaks, managing to shake off mounting trade tensions that have weighed on global markets this week. The dollar held close to its best level in 11 months, and Treasury yields inched higher.
Here is the scoreboard:
Dow Jones industrial average: 24,660.30 –39.91 (-0.16%)
S&P 500: 2,773.27 +5.78 (+0.21%)
Nasdaq: 7,788794 +63.55 (+0.82%)
- The European Union is set to hit the US with retaliatory tariffs. After the Trump administration imposed a 25% tariff on steel and aluminum imports to the US, the EU said it will place import duties on a range of American products starting Friday.
- Argentina has officially secured the biggest bailout in International Monetary Fund history. The IMF’s board voted to pass a staff-level agreement to extend a $50 billion credit line to Argentina, officials said.
- Oil prices bounced around ahead of expected OPEC output increases. Also moving markets: US crude saw a sharper-than-expected drop in stockpiles last week and record-high refinery crude runs, the Energy Administration said.
- US home sales fell unexpectedly last month. Existing home sales were down 0.4% in May to 5.43 million units, the National Association of Realtors said, marking a second month of decline. Economists polled by Reuters had expected home sales to increase by 1.5%.
- It’s a bidding war: Disney upped its offer for 21st Century Fox’s production assets to $71.2 billion, topping Comcast’s bid of $65 billion. At least one Wall Street analyst thinks the bids could reach $80 billion.
- General Electric will be booted from the Dow Jones industrial average. The original Dow component had faded in importance amid its financial struggles and will be replaced by Walgreens Boots Alliance, which better represents the economy as a whole, S&P Dow Jones Indices said.
And a look at the upcoming economic calendar:
- Swiss National Bank announces interest rate decisions.
- Interest rate decisions and public debt numbers are due out in the UK.
- The Philadelphia Fed reports mid-Atlantic factory activity.
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