US Stocks Edge Higher; Technology Stocks Outperform

Stocks on the Wall Street stayed choppy but managed to finish higher on Wednesday. Technology stocks outperformed, lifting the Nasdaq by 87.5o points or 0.49 percent, to 17,805.16. The Dow ended up by 15.64 points or 0.04 percent at 39,127.80, while the S&P 500 settled at 5,477.60, gaining 8.60 points or 0.16 percent. Investors made cautious moves while awaiting the release of personal consumption expenditures price index report, due on Friday.

A report released by the Commerce Department showed new home sales in the U.S. saw a substantial decrease in the month of May, plunging by 11.3 percent to an annual rate of 619,000, after jumping by 2.0 percent to a revised rate of 698,000 in April. Meanwhile, building permits in the U.S. fell by 2.8 percent to a seasonally adjusted annual rate of 1.399 million in May, revised higher from a preliminary estimate of 1.386 million.

US benchmark treasury yields climbed above 4.3% for the first time in two weeks and dollar index futures are currently hovering at 105.64, marginally down after a 0.4% spike yesterday. Amid much uncertainty about the interest-rate outlook, investors braced for the release of key U.S. inflation reading, due later this week for directional cues. Data on first quarter GDP, durable goods orders for the month of May, and jobless claims report are also due this week.

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