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Macro Data Leave Equity Markets Mixed Intraday
Jun 21, 2024 10:00 AM

12:42 PM EDT, 06/21/2024 (MT Newswires) -- US benchmark equity indexes were mixed midday Friday as investors evaluated the latest economic data, including a report showing private-sector output growth in June rose to its highest level since April 2022.

The Nasdaq Composite was up 0.3% at 17,772.2, while the S&P 500 rose 0.1% to 5,475.8. The Dow Jones Industrial Average was little changed at 39,118.8. Among sectors, communication services paced the gainers intraday, while financials saw the steepest decline.

In economic news, data from S&P Global ( SPGI ) showed the US private-sector composite output index edged up to 54.6 this month from 54.5 in May, above the 53.5 consensus in a survey complied by Bloomberg.

"The PMI is running at a level broadly consistent with the economy growing at an annualized rate of just under 2.5%," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "The upturn is broad-based, as rising demand continues to filter through the economy."

Existing-home sales in the US dropped 0.7% in May to a seasonally adjusted annual rate of 4.11 million as the median sales price jumped to a record high, the National Association of Realtors said. The consensus on Bloomberg was for a 4.08 million print.

"Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months," NAR Chief Economist Lawrence Yun said. "Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions."

The US 10- and two-year yields rose one basis point each to 4.26% and 4.74%, respectively.

West Texas Intermediate crude oil fell 0.5% to $80.88 a barrel.

In company news, FactSet Research Systems ( FDS ) shares were up 3.3%, among the top gainers on the S&P 500, as the company raised its fiscal 2024 adjusted earnings outlook after reporting a third-quarter beat.

CarMax ( KMX ) posted better-than-expected fiscal first-quarter results, but macroeconomic challenges continued to have an impact on the used-vehicle retailer's sales. The company's shares rose 0.8%.

Gold was down 1.2% at $2,340.20 per ounce, while silver slumped 3.5% to $29.74 per ounce.

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