Wall Street rebounded after three consecutive days of correction. Nasdaq and S&P 500 indexes gained 0.98% and 0.25%, respectively. Meanwhile, Dow Jones slightly weakened by 0.26%. Meanwhile, the yield on the 10-year US Treasury also fell below 3%, a positive sentiment for technology stocks. On the other hand, investors are looking forward to the release of April inflation data, projected at 0.2% MoM or 8.1% YoY (Vs. March 1.2% MoM or 8.5% YoY).
Investors are watching non-cyclical consumer stocks, as JCI which closed down 1.3% to 6,819 yesterday. Investors are interested in stocks in this sector, in line with the increasing level of public consumption during the long Eid al-Fitr holiday. Meanwhile, seven of eleven sectors recorded a decline, with the technology sector falling 4.6%. The easing of pressure on the Wall Street stock exchange will become a positive sentiment in today’s trading. NHKSI Research projects that the JCI will rebound in the range of 6,700 to 7,100.
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