Traders on the floor of the New York Stock Exchange experienced minimal overnight changes Tuesday, following a historic close for the S&P 500. Futures tied to the Dow Jones Industrial Average dipped slightly by 3 points, while S&P 500 and Nasdaq-100 futures remained relatively unchanged.
The previous session saw a mixed performance that propelled both the Nasdaq Composite and S&P 500 to new record highs. This occurred even as Federal Reserve Chair Jerome Powell warned that maintaining high interest rates for too long could hamper economic growth. The S&P 500 saw a modest increase of 0.07%, the Nasdaq rose by 0.14%, but the Dow Jones dropped 52.82 points, or 0.13%.
Addressing the Senate Banking Committee as part of his semiannual testimony to Congress, Powell cautioned against insufficient policy adjustments that could weaken economic activity and job markets. He continues his testimony Wednesday before the House Financial Services Committee. “More good data would strengthen our confidence that inflation is moving sustainably toward 2%,” Powell stated.
Wednesday is expected to be light on economic data, with a final reading of May’s wholesale inventories set to be released ahead of June’s consumer price index (CPI) reading on Thursday. The June producer price index (PPI) will follow on Friday.
Many investors view the upcoming CPI data as a critical test for market stability and future interest rate cuts. Liz Young Thomas, SoFi’s head of investment strategy, mentioned on CNBC’s “Closing Bell” that if the CPI and PPI data show cooler inflation, it could solidify expectations for a rate cut in September. However, she warned that overly cool data might raise concerns about economic growth.
This encapsulates a pivotal week for Wall Street as traders await key economic indicators that could influence the Federal Reserve’s rate decisions and market trajectory.
Original Story https://www.cnbc.com/2024/07/09/stock-market-today-live-updates.html
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