All three major US stock indexes lost some initial momentum to trade around the flatline on Wednesday as investors reassessed the outlook for tightening monetary policy against a backdrop of slowing growth. A slew of recent economic releases in the US calendar, including worse-than-expected GDP figures and dire consumer confidence data, have lowered investors' expectations of how far the Federal Reserve will raise interest rates. However, a worsening growth outlook was so far not enough to change the central bank's tightening narrative. Several Fed policymakers, including Chair Jerome Powell, made a case for faster interest rate hikes to rein on sky-high inflation, with markets now pricing a 75-basis-point hike in July. On the corporate side, Bed Bath & Beyond tumbled over 20% after the company missed Wall Street expectations and announced the resignation of its CEO. On the flip side, General Mills rose 4% after exceeding earnings and revenue projections for the most recent quarter.
Historically, the United States Stock Market Index (US30) reached an all time high of 36952.65 in January of 2022. United States Stock Market Index (US30) - data, forecasts, historical chart - was last updated on June of 2022.
The United States Stock Market Index (US30) is expected to trade at 30653.31 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 28246.66 in 12 months time.