Mixed Markets and Cautious Investors amid Service Sector Surge and Conflict Threats
On Thursday, Wall Street's indices showed mixed results as data revealed robust activity in the U.S. service sector, though investors remained cautious over potential Middle East conflicts. The S&P 500 experienced modest gains, influenced by tech stocks, while rate-sensitive stocks varied. Traders vigilantly anticipated key labor data.
Wall Street's core indices demonstrated mixed performances on Thursday following reports of a surge in U.S. service sector activity, the largest in 18 months. The S&P 500 slightly climbed after the Institute for Supply Management's survey indicated surprising strength, surpassing economists' expectations, placing additional focus on the forthcoming nonfarm payrolls report.
Investors remained guarded amid fears of an escalating conflict between Israel and Iran, influencing market volatility. Federal Reserve meeting anticipations shifted, gauged by last week's marginal rise in jobless claims. Treasury bond yields rose, reflecting investor apprehension, as tech stocks led modest gains throughout the market.
Despite economic resilience in some sectors, uncertainties, including an ongoing workers' strike and speculations over consumer price hikes, contributed to varied stock performances. Traders also monitored Fed officials' statements, alongside scrutinizing geopolitical tensions impacting future market trends.
(With inputs from agencies.)
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