S&P 500 ends day flat as benchmark continues to hover near its record
The S&P 500 finished Tuesday’s session near the flatline as the benchmark once again failed to refresh its all-time high from May.
The broad equity benchmark rose less than 1 point to 4,227.26, sitting 0.3% below its record high of 4,238.04 reached on May 7. The Dow Jones Industrial Average dipped 30.42 points, or 0.1%, to 34,599.82, while the tech-heavy Nasdaq Composite gained 0.3% to 13,924.91.
Asia-Pacific stocks mixed; China inflation data for May ahead
Shares in Asia-Pacific were mixed in Wednesday morning trade, ahead of Chinese inflation data expected later in the day.
In Japan, the Nikkei 225 shed 0.47% in early trade while the Topix index dipped 0.26%. South Korea’s Kospi also declined 0.23%.
Meanwhile, shares in Australia advanced, with the S&P/ASX 200 0.11% higher.
MSCI’s broadest index of Asia-Pacific shares outside of Japan traded 0.05% lower.
On the economic data front, China’s consumer price index and producer price index for May are expected to be out at 9:30 a.m. HK/SIN on Wednesday.
Meanwhile, the World Bank on Tuesday upgraded its growth forecast, with the global economy now expected to grow 5.6% in 2021. That compared against an earlier forecast in January for a 4% global economic expansion in 2021.
Still, the organization warned in a Tuesday press release that global output will be about 2% below pre-pandemic projections by the end of this year in spite of the recovery.
Reference: CNBC
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