US Stock Market Finishes Session in Negative Territory on Profit Booking and Rate-Cut Expectations

The US stock market experienced a dip on Thursday as profit booking took center stage following record highs on Wednesday. Despite this slight setback, investors remain optimistic as they adjust their rate-cut expectations amid signs of slowing inflation.

The Dow Jones Industrial Average dropped by 38.62 points, the S&P500 index decreased by 11.05 points, and the Nasdaq Composite index saw a decline of 44.07 points. While most sectors closed lower, the consumer staples sector emerged as the top performer, while consumer discretionary took a hit.

In the midst of these market fluctuations, retail giant Walmart saw a 7% increase after raising its sales and profit forecast for fiscal 2025. On the other hand, farm equipment maker Deere experienced a 4.8% drop after revising its annual profit forecast downwards for the second time.

In economic news, the Labor Department reported a decrease in initial jobless claims to 222,000, while import prices and industrial production numbers also showed interesting trends. Overall, market watchers continue to keep a close eye on developments as they navigate the ever-changing landscape of the stock market.

Stay updated on the latest financial news and analysis by following our WhatsApp channel for real-time updates.