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Wall Street closed higher on Tuesday as market participants digested Powell's Senate Testimony comments, which highlighted cautious optimism about the economy and inflation concerns. The S&P 500 and the Nasdaq ended the last trading session in the green while the Dow finished in a red zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% or 52.82 points to close at 39,291.97. Notably, 11 components of the 30-stock index ended in positive territory, while 19 ended in negative zone.
The tech-heavy Nasdaq Composite gained 0.1% to close at 18,429.29. The major gainer of the Nasdaq Composite was Tesla, Inc. (TSLA - Free Report) . The stock price of Tesla rose 3.7%. Tesla currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 advanced 0.1% to close at 5,576.98. Six of the 11 broad sectors of the benchmark index closed in the green. The Financials Select Sector SPDR (XLF), the Health Care Select Sector SPDR (XLV), and the Consumer Discretionary Select Sector SPDR (XLY) rose 0.8%, 0.5% and 0.3%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 1.2% to 12.51. A total of 9.6 billion shares were traded on Tuesday, lower than the last 20-session average of 11.6 billion.
Powell Cautions on Economy and Inflation in Senate Testimony
Federal Reserve Chair Jerome Powell addressed the Senate Banking Committee on Tuesday, sharing information about the current economic situation and the Fed's plans.
Recent signs of a slowing economy and controlled inflation have raised expectations of policy changes. Powell acknowledged "modest further progress" in the Fed's efforts to control inflation, emphasizing the importance of positive economic data to build confidence in meeting the Fed's 2% inflation goal. He warned against rushing into policy changes, highlighting possible risks to economic growth and jobs.
The upcoming release of June’s consumer price index (CPI) data will offer insights into inflation trends shaping decisions by the Fed. Powell will continue his testimony on Wednesday where more details on monetary policy expectations are expected.
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Stock Market News for July 10, 2024
Market News
Wall Street closed higher on Tuesday as market participants digested Powell's Senate Testimony comments, which highlighted cautious optimism about the economy and inflation concerns. The S&P 500 and the Nasdaq ended the last trading session in the green while the Dow finished in a red zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.1% or 52.82 points to close at 39,291.97. Notably, 11 components of the 30-stock index ended in positive territory, while 19 ended in negative zone.
The tech-heavy Nasdaq Composite gained 0.1% to close at 18,429.29. The major gainer of the Nasdaq Composite was Tesla, Inc. (TSLA - Free Report) . The stock price of Tesla rose 3.7%. Tesla currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 advanced 0.1% to close at 5,576.98. Six of the 11 broad sectors of the benchmark index closed in the green. The Financials Select Sector SPDR (XLF), the Health Care Select Sector SPDR (XLV), and the Consumer Discretionary Select Sector SPDR (XLY) rose 0.8%, 0.5% and 0.3%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 1.2% to 12.51. A total of 9.6 billion shares were traded on Tuesday, lower than the last 20-session average of 11.6 billion.
Powell Cautions on Economy and Inflation in Senate Testimony
Federal Reserve Chair Jerome Powell addressed the Senate Banking Committee on Tuesday, sharing information about the current economic situation and the Fed's plans.
Recent signs of a slowing economy and controlled inflation have raised expectations of policy changes. Powell acknowledged "modest further progress" in the Fed's efforts to control inflation, emphasizing the importance of positive economic data to build confidence in meeting the Fed's 2% inflation goal. He warned against rushing into policy changes, highlighting possible risks to economic growth and jobs.
The upcoming release of June’s consumer price index (CPI) data will offer insights into inflation trends shaping decisions by the Fed. Powell will continue his testimony on Wednesday where more details on monetary policy expectations are expected.