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Wall Street closed higher on Monday as investors eagerly await Federal Reserve Chair Jerome Powell's testimony and the upcoming inflation data, both expected to shed light on potential interest rate adjustments. The S&P 500 and the Nasdaq Composite ended in positive territory, while the Dow finished in a negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% to close at 39,344.79. Notably, 15 components of the 30-stock index ended in positive territory, while 15 ended in negative zone.
The tech-heavy Nasdaq Composite climbed 0.3%, to close at 18,403.74.
The S&P 500 gained 0.1% to close at 5,572.85. Six of the 11 broad sectors of the benchmark index closed in the green. The Technology Select Sector SPDR (XLK), the Materials Select Sector SPDR (XLB), and the Real Estate Select Sector SPDR (XLRE) rose 0.7%, 0.3%, and 0.2%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was down 0.9% to 12.37. A total of 10.1 billion shares were traded on Monday, lower than the last 20-session average of 11.6 billion.
Powell's Testimony and Inflation Data in Focus
This week, all eyes are on Powell's upcoming testimony on Tuesday and the release of June's inflation data later in the week, which are expected to have a significant impact on financial markets.
Powell's statements will influence expectations regarding interest rate decisions as markets are eagerly anticipating insights into the Fed's position on inflation and economic growth. Meanwhile, the Consumer Price Index (CPI) and Producer Price Index (PPI) reports will offer information on inflation trends affecting market sentiment and shaping expectations of economic growth and interest rate changes.
Economic Data
Per a Fed report, consumer credit for May increased by $11.3 billion, as opposed to a consensus of $8 billion for the period. The number for April was revised up to an increase of $6.5 billion from the previously reported increase of $6.4 billion.
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Stock Market News for July 9, 2024
Market News
Wall Street closed higher on Monday as investors eagerly await Federal Reserve Chair Jerome Powell's testimony and the upcoming inflation data, both expected to shed light on potential interest rate adjustments. The S&P 500 and the Nasdaq Composite ended in positive territory, while the Dow finished in a negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% to close at 39,344.79. Notably, 15 components of the 30-stock index ended in positive territory, while 15 ended in negative zone.
The tech-heavy Nasdaq Composite climbed 0.3%, to close at 18,403.74.
The S&P 500 gained 0.1% to close at 5,572.85. Six of the 11 broad sectors of the benchmark index closed in the green. The Technology Select Sector SPDR (XLK), the Materials Select Sector SPDR (XLB), and the Real Estate Select Sector SPDR (XLRE) rose 0.7%, 0.3%, and 0.2%, respectively.
The major gainer of the S&P 500 Index was Corning Incorporated (GLW - Free Report) after its shares surged 12%. Corning currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The fear-gauge CBOE Volatility Index (VIX) was down 0.9% to 12.37. A total of 10.1 billion shares were traded on Monday, lower than the last 20-session average of 11.6 billion.
Powell's Testimony and Inflation Data in Focus
This week, all eyes are on Powell's upcoming testimony on Tuesday and the release of June's inflation data later in the week, which are expected to have a significant impact on financial markets.
Powell's statements will influence expectations regarding interest rate decisions as markets are eagerly anticipating insights into the Fed's position on inflation and economic growth. Meanwhile, the Consumer Price Index (CPI) and Producer Price Index (PPI) reports will offer information on inflation trends affecting market sentiment and shaping expectations of economic growth and interest rate changes.
Economic Data
Per a Fed report, consumer credit for May increased by $11.3 billion, as opposed to a consensus of $8 billion for the period. The number for April was revised up to an increase of $6.5 billion from the previously reported increase of $6.4 billion.