10 July 2024 Market Close & Major Financial Headlines: Fourth Session In A Row The S&P 500 And The Nasdaq Set New Historical Highs And Closing Levels
Summary Of the Markets Today:
- The Dow closed up 429 points or 1.09%,
- Nasdaq closed up 1.18%, (Closed at 18,647, New Historic high 18,655)
- S&P 500 closed up 1.02%, (Closed at 5,634, New Historic high 5,635)
- Gold $2,378 up $7.50,
- WTI crude oil settled at $82 up $1.01,
- 10-year U.S. Treasury 4.278 down 0.020 points,
- USD index $105.03 down $0.100,
- Bitcoin $57,449 up $599 or 1.03%,
*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:
May 2024 sales of merchant wholesalers were up 1.9% from the revised May 2023 level. Total inventories of merchant wholesalers were down 0.5% from the revised May 2023 level. The May inventories/sales ratio for merchant wholesalers was 1.35. The May 2023 ratio was 1.39. My bottom line is that employment is growing in this sector (even faster than sales growth) whilst inventories are marginally falling – this seems to be a relatively above average sector in the economy right now.
Fed Chair Powell’s second day of the semiannual monetary policy testimony navigated politically charged questions which he declined to answer. Powell reiterated that he was not sending any signals about the outlook for monetary policy when he said that the risks are more balanced to the outlook in the context of the dual mandate. He said, “The job is not done on inflation,” and that there has been “considerable softening in the labor market”. I smiled when I read many stock market pumpers mistook his statements yesterday to mean that a federal funds rate cuts were coming soon.
Here is a summary of headlines we are reading today:
- Serbia’s Nuclear Future: A Delicate Balancing Act Between East and West
- BP Predicts Global Oil Demand Will Peak In 2025
- Hedge Funds Are Headhunting Succesful Power Traders
- Honeywell to Buy Air Products’ LNG Technology for $1.8 Billion
- The Countries Increasing Their Coal Dependency Despite Climate Pledges
- HubSpot shares plunge 12% on report that Alphabet is shelving interest in acquiring software company
- S&P 500 closes above 5,600 for the first time, lifted by gains in Big Tech: Live updates
- Key inflation report looms on Thursday as traders grow more confident in Fed rate cut
- Senators strike bipartisan deal for a ban on stock trading by members of Congress
- Goldman says investors should start shifting out of cash. Here’s where it sees opportunity
- Bitcoin hovers at $57,000 as Fed Chair Powell continues testimony on Capitol Hill: CNBC Crypto World
- Musk defeats ex-Twitter staff seeking $500m in severance
- Wall Street is becoming more skeptical of artificial-intelligence hype helping to power stocks
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.