- Wall Street’s main indexes opened near Monday’s closing levels.
- Energy shares rebound sharply as crude oil prices gain traction.
- Investors await CB Consumer Confidence Index data for June.
Major equity indexes in the US opened in a relatively quiet manner on Tuesday as investors await the Conference Board’s June Consumer Confidence Index data. As of writing, the S&P 500 Index was at a new all-time high of 4,298, rising 0.15% on the day, the Dow Jones Industrial Average and the Nasdaq Composite were unchanged at 34,289 and 14,500, respectively.
Among the 11 major S&P 500 sectors, the Energy Index is the best performer after the opening bell, rising 0.85% on the back of a 1.3% increase witnessed in US crude oil prices. On the other hand, the Utilities Index is down 0.2%.
Credit Suisse analysts think that the S&P 500 could target 4,350 in the near term. “The S&P 500 has moved beyond 4286 as expected, with the market reaching Fibonacci projection resistance at 4291,” analysts explained. “Given the improving short-term momentum and recent tick higher in volume, we look for a break above here to open up our 4350 next core objective. We would then look for a fresh phase of consolidation to emerge here.”
S&P 500 Index set to reach the 4,350 level – Credit Suisse.
