Stocks surged higher overnight on bank earnings and increased bets for a September rate cut as Fed chief Jerome Powell said recent inflation data had added to confidence.
Over the weekend, an attempt was made on Former President Trumps life at a rally, further reflecting the deep political divide in the county. While equities closed higher on Friday night on bets that the US Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.
In a surprising turn of sentiment, the Magnificent 7 had their worst day in months, while the broader market was firmer, despite cooling inflation data. The sentiment of rejoicing falling inflation became the reality check investors have been blind to, as it points to a slowing in the U.S. economy even if Federal Reserve interest rate cuts become a possibility later this year.
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.
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.
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.
Stocks drifted lower on Friday after an early rally fizzled as investors digested in-line inflation data and weighed political uncertainty after the U.S. presidential debate.
