29 July 2024 Market Close & Major Financial Headlines: Markets Opened Fractionally Higher, Traded In Wide Swaths Across The Unchanged Line, Finally Closing Mixed
Summary Of the Markets Today:
- The Dow closed down 49 points or 0.12%,
- Nasdaq closed up 0.07%,
- S&P 500 closed up 0.08%,
- Gold $2,381 up $0.30,
- WTI crude oil settled at $76 down $1.26,
- 10-year U.S. Treasury 4.170 down 0.029 points,
- USD index $104.56 up $0.240,
- Bitcoin $67,297 down $947 or 1.39%,
Today’s Highlights:
This week’s focus is on three major events:
- The Federal Reserve’s interest rate decision on Wednesday
- The July nonfarm payrolls report on Friday
- Earnings reports from major tech companies
While no change in interest rates is expected from the Fed meeting, investors are looking for signals about potential rate cuts later in the year. The jobs report is anticipated to show some weakening in the labor market, which could influence future rate decisions. Earnings reports from tech giants Apple, Microsoft, Amazon, and Meta are highly anticipated, especially given the recent stock sell-off following earlier “Magnificent Seven” results. Over 150 S&P 500 companies are set to report earnings this week, providing a broad view of the economic landscape. The market’s performance comes after a strong rally on Friday, driven by encouraging inflation data that bolstered expectations for future interest rate cuts. However, the recent volatility and tech sector sell-off have left investors cautious about potential surprises that could challenge the fragile market rally.
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – July 2024 Economic Forecast: One Recession Flag Removed But Little Indication The Economy Is Strengthening
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Texas Manufacturing Outlook Survey’s production index, a key measure of state manufacturing conditions, held fairly steady at -1.3, with the near-zero reading signaling little change in output from June 2024. The new orders index dropped 12 points to -12.8 in July, signaling a pullback in demand. The capacity utilization and shipments indexes also slipped, falling to -10.0 and -16.3, respectively. Manufacturing in the U.S. continues to be weak – and likely will be in a recession in July 2024.
Here is a summary of headlines we are reading today:
- Has Global Oil Production Already Peaked?
- New Gas Discovery Brings Optimism for Bolivia’s Energy Future
- WTI Sheds Over 2% As Goldman Sachs Heralds U.S. Crude Output Growth
- Weak Demand in China Weighs on Middle East Oil Price Outlook
- Ukraine Targets Russian Energy Infrastructure in Retaliatory Drone Strikes
- China’s Top Grid Operator Plans Record $83 Billion Investment in 2024
- Apple releases first preview of its long-awaited iPhone AI
- Investors are punishing stocks that miss earnings more than normal this season
- Ford, GM, Stellantis face a daunting second half of 2024
- Bitcoin moves toward $70,000 then dips as investors digest political developments: CNBC Crypto World
- McDonald’s earnings, revenue miss estimates as consumer pullback worsens
- Treasury Estimates $1.3 Trillion In Borrowing Needs For The Remainder Of 2024
- Treasury sharply cuts third-quarter borrowing estimate
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.