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Stock Market Sets New Records as Investors Await Powell's ...
2024-07-09 15:08:54
Markets
Stocks
Economy

Stock Market Sets New Records as Investors Await Powell's Testimony

The stock market continues its record-setting climb as investors eagerly await Federal Reserve chair Jerome Powell's testimony to Congress. The S&P 500 and Nasdaq Composite have reached new highs, but concerns about a potential summer pullback and high expectations for the upcoming earnings season are causing some caution.

Investors are also questioning the recent rally in AI-linked stocks. Meanwhile, European stocks are set to open lower as investors await Powell's testimony for clues on the US interest-rate outlook.

Despite the positive performance of US stock markets, the German DAX remains cautious ahead of Powell's hearing. Additionally, there are warnings of a potential 10% correction in the US stock market, with analysts citing concentrated gains in tech stocks and overvaluation as factors.

Overall, the stock market's performance in the coming weeks will be closely tied to Powell's statements on monetary policy and the performance of tech giants during the earnings season.

Related news on that topic:

Market Focus: Inflation, Powell's Testimony, and Bank Earnings ... Investor Sentiment

Investors are gearing up for a pivotal week as key events like the release of June's Consumer Price Index (CPI), Federal Reserve Chair Jerome Powell's semiannual testimony, and major banks' second-quarter earnings reports take center stage. Market sentiment is leaning towards a potential interest rate cut in September, with expectations rising following signs of cooling inflation and slowing job growth. The upcoming earnings season will provide insights into whether the surge in megacap stock prices aligns with their actual performance, influencing investor decisions. With markets already pricing in a 70-72% chance of a rate cut, the pressure is on the Fed to strike a delicate balance to avoid triggering a recession while supporting economic growth.

Stock Market Today: Dow Jones Rises; Nvidia Chipmaker Gets Price ... Target Hike

The stock market experienced gains as the Dow Jones futures rose, with investors eagerly awaiting speeches from Federal Reserve Chairman Jerome Powell. Nvidia, the chipmaker, received a boost after a price-target hike. As the market prepared for economic data releases and the start of a new earnings season, major banks were expected to report their quarterly results. Various stocks, including Carvana, Meta Platforms, and Monday.com, garnered attention in the current stock market climate. Investors are closely monitoring the performance of tech giants like Tesla and Palantir, as well as the upcoming testimony of Fed chief Jerome Powell and the release of inflation data, which are key factors influencing the market's direction. While the stock market has reached new highs, concerns about overbought stocks, a potential pullback, and the dominance of a few large tech companies persist. However, analysts remain optimistic about the prospects of chipmaker Nvidia, as demand for their AI platform and upcoming Blackwell series processors continues to be robust.

Read 7 more recent news on this topic

The press radar on this topic:

Tagesschau - Wirtschaft und Börsen-Nachrichten
9. Juli 2024 um 20:31

Despite US Stock Market Records, the DAX is on Alert Ahead of Powell's Hearing

Finance
Economy
Politics
The DAX trading in the morning is characterized by restraint, as investors are waiting for the hearing of Fed Chairman Powell before the US Congress. Despite positive signals from the US stock markets, which reached new records, the German blue chips do not dare to come out of cover. The DAX is unlikely to make any major leaps at the start of trading. The chart technology has also clouded again with the price decline yesterday. The focus is also on Powell's statements on the Fed's future inter..
Yahoo Finance
9. Juli 2024 um 15:48

European Stocks Set to Open Lower Before Powell: Markets Wrap

Finance
Economy
Politics
European stocks are set to open lower as investors await Federal Reserve Chair Jerome Powell's testimony to Congress for clues on the US interest-rate outlook. Japanese stocks led gains in Asia, while the US S&P 500 closed at a new record high. Investors are closely watching for any dovish signals from Powell that could increase the chances of a September rate cut and weaken the US dollar.
Yahoo Finance
9. Juli 2024 um 06:42

Stock market today: Global stocks mostly rise, with Japan's Nikkei 225 index logging record close

Finance
Economy
Technology
Politics
Global stocks mostly rose, with Japan's Nikkei 225 index hitting a record close. Technology-related shares led gains in Japan, while European markets were mixed. Traders are awaiting Federal Reserve Chair Jerome Powell's testimony and U.S. inflation data this week. The U.S. stock futures also rose slightly.
The Street
11. Juli 2024 um 10:15

Stock Market Today: Stocks extend record run with Powell in focus TheStreet Daily Newsletter

Finance
Economy
Technology
U.S. equity futures moved higher as investors await Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee. Powell is expected to reiterate the Fed's view that more data is needed before cutting interest rates. The stock market is set to extend its record run at the opening bell, with the S&P 500 and Nasdaq expected to gain. Stocks on the move include Intel, which has bounced over 10% in the past four sessions.
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