Wall Street started the day with a small upward trend, as the S&P 500, Dow Jones, and Nasdaq indices all rose by 0.1 percent. The S&P 500 index had closed the previous trading day at an all-time high of over 5,500 points, with a p/e ratio of about 25.8 based on the past year’s data. This valuation is significantly higher compared to historical levels.
In contrast, the OMXH25GI index in Helsinki, which considers dividends from the 25 largest listed companies, has a p/e factor of about 14.6, indicating a relatively lower valuation in the Finnish market. Tesla outperformed analysts’ sales forecasts during the previous trading day, resulting in a more than 10 percent increase in its share price.
On Wednesday morning, economic data from the US provided investors with some insights into their investment decisions. There were 238,000 new claims for unemployment benefits filed last week in the US slightly above analysts’ forecast of 235,000 claims. The US trade balance in May was -75.1 billion dollars better than anticipated due to an influx of exports from China and Europe but still negative due to imports from Asia and Latin America. Despite this news, investors continued to show cautious optimism on Wall Street as they awaited more economic reports later in the day.
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