[Chart courtesy of MarketWatch.com] Wall Street’s optimism that the upcoming inflation numbers will be favorable for the markets carried over into today’s session, as the S&P 500 rose for a seventh straight day. Economists expect the June CPI to advance 0.1% MoM and 3.1% YoY. The core CPI, which does no include food or energy prices, is predicted to have …
Markets Hold Steady Awaiting Powell’s Testimony And Upcoming Inflation Data
[Chart courtesy of MarketWatch.com] The S&P 500 and Nasdaq kept inching higher with traders trying to figure out the true meaning behind Powell’s prepared remarks. He opined that keeping interest rates elevated for too long could risk further economic growth, which Wall Street took as a hint that a less restrictive policy might be on the horizon. On the other …
Traders Eye CPI And PPI As Market Sentiment Remains Cautiously Optimistic
[Chart courtesy of MarketWatch.com] The major indexes inched higher this morning with the S&P 500 rising to a new record, after having advanced for its 4th week out of the last five. This move was supported by hopes that allegedly easing inflation in combination with a weakening economy could cause the Fed to cut interest rates. In the end, a …
Economic Data Fuels Rate-Cut Hopes As Major Indexes Rally
[Chart courtesy of MarketWatch.com] The markets opened mixed, as the latest stats showed a weakening labor market ahead of Friday’s eagerly expected payroll report. ADP’s data confirmed less private payroll growth than hoped for in June, while at the same time weekly jobless claims numbers were higher than anticipated. To me, that is no surprise, since almost daily I am …
Powell’s Remarks And Tesla’s Triumph Drive Market Dynamics
[Chart courtesy of MarketWatch.com] The markets were in limbo this morning after Fed head Powell’s comments that progress on inflation has been made, but that he’s not ready to cut rates yet. That caused the indexes to vacillate with traders being unsure what to make of those remarks. He then added that “we want to be more confident that inflation …
AI’s Promise Amidst Economic Pessimism: A New Era For Tech And Productivity
[Chart courtesy of MarketWatch.com] A choppy opening marked the first day of trading in July. Despite tech stocks edging higher there seemed to be some rotation out of that sector, as Nvidia slipped some 3% and leading other compatriots like AMD and Broadcom lower. While some traders might dismiss the AI development as just another temporary mania, I think it …