New York stocks rebound, up $203. Buying dominates on expectations of US interest rate cut, Nasdaq falls

New York stocks rebound, up 3. Buying dominates on expectations of US interest rate cut, Nasdaq falls
New York Stock Exchange (Kyodo)

On the 30th, the Dow Jones Industrial Average on the New York Stock Exchange rebounded, closing at $40,743.33, up $203.40 from the previous day. Buying orders were prevalent due to expectations that the Federal Reserve Board (FRB) will begin lowering interest rates as early as September. The market was also supported by the downward trend in long-term interest rates in the United States.

The Federal Reserve Board (FRB) will announce the results of its Federal Open Market Committee (FOMC) meeting on the 31st. It is widely expected that the policy interest rate will remain unchanged this time, but there is a growing expectation in the market that interest rates will be lowered in September due to the slowdown in inflation.

The Nasdaq Composite Index, which is dominated by technology stocks, fell for the first time in three trading days, down 222.78 points to 17,147.42.

Among individual stocks, Travelers, an insurance company, and Goldman Sachs, a financial company, rose notably. Merck, a pharmaceutical company, was sold. (Kyodo)

Source: Japanese