Stocks hit fresh records as the S&P 500 closed above 5,600 for the first time Wednesday, led by tech and ongoing hopes for sooner rate as Fed Chair Jerome Powell delivered his second-day of testimony before Congress, a day ahead of fresh inflation data.
Stocks eked out another tiny gain to secure another record close for the fifth-straight session as testimony from Federal Reserve Chair Jerome Powell didn’t sway investors from bets on a first rate cut in September.
Markets lacked direction as investors showed a cautious sentiment ahead of testimony by Federal Reserve Chair Jerome Powell to Congress and key inflation data this week.
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Equities closed at record highs Friday on bets that Federal Reserve rate cuts may soon be on the horizon after 100,000 jobs “disappeared” from April and Mays jobs numbers.
Anticipating next week’s economic figures. Stay informed on the latest financial updates and trends.
Global markets were very quiet this week as the US celebrated independence day, the UK went to the polls, and the ASX saw some inter-sector shifts with the new FY
In short, nothing happened overnight. Equity futures were mixed with the DOW +0.7%, S&P500 -0.09% and the Nasdaq -0.21%
Equities notched another record close overnight, in a holiday-shortened session as a slew of weaker economic data boosted hopes for sooner rate cuts, a day ahead of the 4th of July holiday.
The S&P500 hit a record high overnight, underpinned by a surge in Tesla and optimism over rate cuts after Federal Reserve Chair Jerome Powell cheered recent progress on inflation.
Stocks edged higher overnight, buoyed by tech as stocks kicked off the second half of the year on the front foot ahead of Powell speaking in Europe and crucial monthly jobs report due later this week.
