INSUBCONTINENT EXCLUSIVE:
The US markets ended higher on Friday as traders have continued to express optimism over US and its trade partners reaching deals following
the US-China trade deal temporarily slashing steep tariffs on each other's goods
Meanwhile, market participants largely shrugged off preliminary data from the University of Michigan showing consumer sentiment in the US
has unexpectedly continued to deteriorate in the month of May
The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April, while the street had
expected the index to inch up to 53.4
With the unexpected decrease, the consumer sentiment index has fallen to its lowest level since hitting 50.0 in June 2022
Traders also overlook the same report indicating the year-ahead inflation expectations surged to 7.3 percent in May from 6.5 percent in
April, reaching the highest level since a matching figure in November 1981.On sectoral front, significant strength has been seen in
biotechnology stocks, driving the NYSE Arca Biotechnology Index up by 2.5 percent
Besides, healthcare stocks moved higher, pushing Dow Jones U.S
points or 0.7 percent to 5,958.38 and Nasdaq rose 98.78 points or 0.5 percent to 19,211.10.
