Fresh record highs on Wall Street
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In Tuesday’s market update, major indexes surged over 5.4% for May, reaching record highs. S&P 500 companies reported a robust 5.7% profit growth. Dow Jones rose by 0.17%, closing at 39,872.99, S&P 500 climbed 0.25% to 5,321.41, and Nasdaq added 0.22% to 16,832.62. Wheat futures saw mixed results, with concerns over Russian crop damage. US crude oil dipped 1%, while gold held steady at $2,400 per oz.
- May’s rally was back on track Tuesday with the three major indexes up 5.4% or more for the month so far and the S&P 500 and Nasdaq hitting record highs. Powering the advances were some investors’ confidence in central bank interest rate cuts this year, along with unexpectedly strong corporate earnings that showed S&P 500 companies as of Friday had grown profits by 5.7% from a year ago. The Dow Jones Industrial Average added 66.22 points, or 0.17%, to close at 39,872.99. The Standard & Poor’s 500 rose 13.28 points, or 0.25%, to close at 5,321.41. The Nasdaq Composite advanced 37.75 points, or 0.22%, to close at 16,832.62.
- Wheat futures posted mixed closes with Minneapolis futures mostly lower and winter wheat mostly building on Monday’s rally. Backing the advances in Kansas City and Chicago was continued concern about frost damage to Russia’s crop after the IKAR agricultural consultancy cut its Russian wheat crop forecast to 83.5 million tonnes from 86 million tonnes and lowered its projection for 2024-25 Russian wheat exports to 45 million tonnes from 47 million tonnes. Soybean futures slipped lower, breaking a three-session rally under pressure from weak soymeal prices and a US planting pace exceeding expectations. Technical trading under pressure from a quick planting pace brought corn futures lower despite US Corn Belt showers that have forced some farmers to replant. July corn fell 2½¢ to close at $4.58 a bu. Chicago July wheat added 8¾¢ to close at $6.97½ per bu. Kansas City July wheat advanced 4¾¢ and closed at $7.01½ per bu; the March 2026 future slipped lower. Minneapolis July wheat was down ½¢ and closed at $7.38¾ per bu; later months were mixed, mostly slipping lower. July soybeans dropped 11¾¢ to close at $12.36¼ per bu. July soybean meal fell $1.80 to close at $372.30 per ton. July soybean oil lost 0.51¢ to close at 45.81¢ a lb.
- US crude oil prices pulled back another 1% Tuesday as lingering inflation threatened to keep interest rates higher for longer and cut into consumer demand at US gas pumps. The Energy Information Administration said retail gasoline prices fell for the fourth consecutive week to $3.58 per gallon on Monday. The expiring June West Texas Intermediate light, sweet crude future fell 54¢ to close at $79.26 per barrel. July was down 64¢ to close at $78.66 per barrel.
- US gold prices pulled lower from Monday’s all-time high but remained at the $2,400-per-oz level Tuesday on mixed ideas for the Federal Reserve’s interest rate path and on safe-haven interest. The June contract subtracted $12.60 and closed at $2,425.90 per oz.
- The US dollar index edged higher against the euro Tuesday but was flat against most other currencies after Federal Reserve Governor Christopher Waller, speaking at the Peterson Institute for International Economics in Washington, said he would be comfortable supporting an easing in the central bank’s stance of monetary policy if he were to see several more months of good inflation data.
Source Link: https://www.foodbusinessnews.net/articles/7-fresh-record-highs-on-wall-street
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