Wall Street traded in mixed fashion as investors focused on upcoming U.S. inflation data and the presidential debate

Wall Street traded in mixed fashion as investors focused on upcoming U.S. inflation data and the presidential debate.

Wall Street main indices traded in a low session this Thursday, despite the better-than-expected Micron quarterly reports. Additionally, U.S. orders for key U.S.-manufactured capital goods fell in May.

And unemployment benefit applications drifted lower last week for the first time in U.S. history.

On Wednesday morning, Micorm Inc. reassigned its quarterly earnings reports, and as expected, the company disseminated its audience. The company reported better-than-expected quarterly results; however, its revenue guidance was in line, disappointing investors. This affected the company’s stock prices and lowered them by 5%. In the context of chipmaking, Mvodaia and Broadcom also suffered from a decline in this session, making it one of the worst-erasing weekly sessions this year by Nvidia.

Meanwhile, in the international stock market, U.S. stocks were mixed. Walgreens Boots Alliance stock fell 25%, while Levi Strauss stock slumped 16%. Levi’s stock breakdown was due to missing its fiscal second-quarter revenue expectations.

McCormick beat market expectations for second-quarter profit and sales, scoring a 4% increase in its stock prices.

International paper stock fell 7%. Bloomberg reported that Suzano is no longer pursuing a takeover.

In other economic data, U.S. new orders for key U.S.-manufactured capital goods fell in May. signaling a bullish market, which raised hopes for early interest rate cuts this year. Currently, investors are focused on upcoming U.S. inflation data and the presidential debate. Still, for the first time, first-time U.S. unemployment benefit applications drifted lower last week. Which also signals a fast recovery in the labor market. For now, the prospects of cutting interest rates in September are above 60%, yet FED officials and presidents urge the need to move things slowly.

Moving to the oil market and the rising concerns in the field Starting with some positive news, recent reports suggest an unexpected increase in U.S. oil inventories and gas supplies. An ING analysis commented on that and said on its shared note, “Despite lower refinery activity, gasoline stocks still increased by 2.65 million barrels. Implied gasoline demand was weaker over the period, falling 417k b/d WoW. This will not help ease gasoline demand concerns as we move deeper into the summer.” The current situation reflects market concerns due to two main reasons: the oil inventory shortage in EU countries and the ongoing war between the Palestinian resistance in Hamas and Israel. Marketers have a lot of concerns about the situation, with fears that the war will affect oil prices and supplies in the whole region and therefore the global supply chain. The major concord from this tear is that it is its turn to a regional war, so many oil-producing countries in the region will be dragged into the conflict, which will not support the current U.S. oil power.

As for Wall Street’s main indices, the S&P 500 main index fell by 0.01%, with the Nasdaq composite rising by 0.3% and the Dow swinging up and down and currently rising by 0.1%.