S&P 500, Nasdaq Eye Records as Powell Highlights Inflation Progress

Last updated: July 2, 2024

Stock market 7.2.2024 graph SP500US stocks soared on Tuesday, bolstered by Fed Chair Jerome Powell’s upbeat comments on inflation.

The Dow Jones Industrial Average ticked up 0.3%, the S&P 500 climbed 0.4%, and the tech-heavy Nasdaq Composite advanced 0.7%, both eyeing new record highs.

The market rebounded mid-morning as new job data revealed a resilient labor market, despite recent concerns.

The Bureau of Labor Statistics reported 8.14 million job openings at May’s end, up from 7.92 million in April.

Powell expressed optimism over cooling inflation but cautioned that more evidence is needed before any rate cuts. He noted, “The latest inflation readings from April and May suggest we’re getting back on a disinflationary path.”

Treasury yields dipped, with the 10-year yield easing to 4.43% after Monday’s significant jump. Tesla’s impressive Q2 vehicle deliveries, surpassing expectations, sent its shares soaring nearly 10%.

Stay tuned as the market navigates these dynamic shifts, reflecting a dance of optimism and caution, echoing Powell’s measured optimism.

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