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  3. US markets end higher on optimism about interest rate cut

US markets end higher on optimism about interest rate cut

04 Jul 2019 Evaluate

The US markets ended higher with gains of over half percent on Wednesday, during a holiday-abridged trading session, as a batch of largely disappointing US economic data reinforced expectations for a near-term interest rate cut by the Federal Reserve. Initial buying interest was generated in reaction to a report from payroll processor ADP showing private sector job growth reaccelerated in the month of June but still came in below Street estimates. ADP said private sector employment climbed by 102,000 jobs in June after rising by an upwardly revised 41,000 jobs in May. Street had expected employment to increase by about 140,000 jobs compared to the addition of 27,000 jobs originally reported for the previous month.

Stocks saw further upside after a report from the Institute for Supply showing a notable slowdown in the pace of service sector growth added to the optimism about a rate cut. The ISM said its non-manufacturing index dropped to 55.1 in June from 56.9 in May, hitting its lowest level since a matching reading in July of 2017. While a reading above 50 still indicates growth in service sector activity, Street had expected the index to show a more modest decrease to 55.9.

A separate report released by the Commerce Department showed the US trade deficit widened by more than anticipated in the month of May, as the value of imports jumped by much more than the value of exports. The Commerce Department said the trade deficit widened to $55.5 billion in May from a revised $51.2 billion in April. Street had expected the trade deficit to widen to $54.0 billion. The wider trade deficit came as the value of imports surged up by 3.3 percent to $266.2 billion compared to a 2.0 percent jump in the value of exports to $210.6 billion.

Dow Jones Industrial Average surged 179.32 points or 0.67 percent to 26966.00, Nasdaq gained 61.14 points or 0.75 percent to 8170.23 and S&P 500 was up by 22.81 points or 0.77 percent to 2995.82. 

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