 "US stock market: Record highs for Nasdaq, S&P 500 after Fed chief Jerome Powell's inflation comments")
The tech-heavy Nasdaq, and the broad-based S&P 500, on Tuesday (July 9) edged to fresh records. The upward move in the market came ahead of the publication of key US pricing data, as Federal Reserve Chief Jerome Powell reported “modest” progress in controlling inflation.
Nasdaq ended the day up 0.1 per cent at 18,429.29, a record high for the sixth consecutive day. S&P 500 advanced 0.1 per cent to 5,576.98, its fifth straight record high. Meanwhile the Dow Jones finished down 0.1 per cent at 39,291.97.
Analysts view this run of recent record highs as the result of a combination of solid labour market data and improved inflation trends.
Market movers
Helen of Troy, a consumer goods company that manufactures products like Osprey and OXO, crashed 27.7 per cent on the back of first-quarter results that far-betrayed expectations.
Elon Musk-led EV-maker Tesla’s stock rose 3.7 per cent amid anticipation of the company’s presentation on “Robotaxis” in August.
Wall street darling Nvidia’s shares jumped 2.5 per cent, neutralising declines in other chip stocks. Chipmaker Intel, too, inched 1.8 per cent upwards as bullish analysts suggest the company’s upcoming processors will be in high demand for AI-related products.
Banking stocks recorded gains, helping offset the pullback in industrials, energy and other sectors in the S&P 500 index. JPMorgan Chase shares advanced 1.2 per cent and Bank of America stocks gained 2 per cent.
Impact Shorts
More ShortsBoeing fell 1.4 per cent after reporting it delivered 44 planes in June, its best month so far in 2024. However, overall commercial plane deliveries for the second quarter still dropped by nearly one-third to 92.
Jerome Powell’s comments
In a congressional testimony, Federal Reserv chair Jerome Powell said that inflation “remains above” the 2 per cent soft-landing target. However, he noted that it has been improving in recent months, adding that “more good data would strengthen” the case for interest-rate cuts.
Powell insisted he was not “sending any signals about the timing of any future actions.”
Wall Street expects the latest government report on Thursday to show that consumer prices eased to 3.1 per cent in June from 3.3 per cent in May. A report for inflation at the wholesale level, before costs are passed on to consumers, is expected on Friday (July 12).
With inputs from agencies
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