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| Name | Stock market today: US stocks hold near records as Powell buoys rate-cut hopes |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 10-07-2024 16:32:14 |
| Video Discription | US stocks held near all-time highs on Wednesday as Jerome Powell's remarks to the Senate and House buoyed rate-cut hopes. The S&P 500 (^GSPC) rose roughly 0.5% in mid-afternoon trading after coming off a 36th record close for the benchmark. The Dow Jones Industrial Average (^DJI) jumped 0.4% following a sluggish start to the morning, while the tech-heavy Nasdaq Composite (^IXIC) edged more than 0.6% higher. Bets on interest rate cuts have helped stocks eke out fresh all-time highs as signs of slowing in the US economy pile up. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) both logged six closing wins in a row. In his semiannual testimony to Congress, Powell hinted the stage is almost set for lowering interest rates from two-decade highs, pointing to a cooling in inflation and in the jobs market. He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate-cut-hungry investors. But a key test for stocks and rate-cut prospects still lies ahead in the crucial consumer inflation report due Thursday. While a cooler reading will cement the likelihood of a Fed policy shift in September, a too-cool print is seen as potentially reviving concerns about a recession and the labor market. Meanwhile, TSMC (TSM) shares popped after the Taiwanese chipmaker's second quarter sales grew at their fastest pace since 2022, thanks to the AI boom. In other corporate news, Microsoft (MSFT) and Apple (AAPL) dropped plans to take observer board seats at OpenAI as antitrust scrutiny heats up. #stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto Read more here: https://finance.yahoo.com/news/stock-market-today-us-stocks-hold-near-records-as-powell-buoys-rate-cut-hopes-133104537.html [OgoH5oc89tQ] |
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