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6/23, 10:01 PM (Source: TeleTrader)
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Wall Street closes mostly lower on data reports

United States major stock markets closed mostly lower on Wednesday as investors digested data reports and economic recovery pace. Private sector activity slid in June to 63.9, marking a 4.8 points decline since the previous month. New home sales in the US also dropped by 5.9% in May. Meanwhile, energy companies' stocks jumped after oil prices grew on inventory reports.

Inflation concerns remained in the focus of attention as officials, such as Federal Reserve's Michelle Bowman said that price pressures will go further and shall only ease when supply bottlenecks are resolved. Additionally, Treasury Secretary Janet Yellen predicted inflation to be below 5% by the end of 2021.

The Dow dropped 0.21% with 3M Co falling by 1.42%, while the S&P 500 lost 0.11% led by NOV Inc plunging by 7.38%. The Nasdaq 100 closed flat with 0.03% in the green as Tesla gained 5.27%. The euro declined 0.13% against the dollar at 4:03 pm ET to exchange hands for $1.19253.

Breaking the News / LH