Wall Street ends first day of third quarter with solid rebound

NEW YORK, July 2 ― Wall Street bounced back to a sharply higher close in light trading yesterday as investors embarked on the second half of the year ahead of the long holiday weekend.

The microchip sector dropped sharply after Micron Technology Inc warned of cooling demand. Micron's shares slid 2.9 per cent, pulling the Philadelphia SE Semiconductor index down 3.8 per cent. “The Fed is going to need to see a lot more evidence to change its mind about further continued interest rate hikes,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. “There’s still a lot of uncertainty about the economy and inflation despite early signs that inflation may have peaked.”

Second-quarter reporting season begins in several weeks, and 130 of the companies in the S&P 500 have pre-announced. Of those, 45 have been positive and 77 have been negative, a weaker negative/positive ratio than a year ago, according to Refinitiv data.

Source: Digital Coin News (digitalcoinnews.net)

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