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.
Equities eked out a gain Thursday as investors weighed up a slump in chipmaker Micron and gains in consumer stocks just a day of key inflation data.
Equities ground higher overnight as surge in Amazon to a record high, joining the $2 Trillion club, helped push tech higher just days ahead of key inflation data.
Equities appeared lost for direction in the lead up to the key PCE data this Friday with Nvidia stemming the bleeding by bouncing 6.5% after a 20% fall from its highs last week
Equities were mixed overnight as profit taking in Semiconductor stocks saw a shift back to the blue-chip DOW and the Russel2000 (small caps) with Nvidia now down 14% in 4 days.
Equities closed marginally higher despite Nvidia taking a second 3% hit in a row, cooling from its recent melt-up, handing back #1 spot to Microsoft
