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Market Outlook: S&P 500 Poised for Record Highs Amid Powell's ...
2024-07-11 00:04:09
Markets
Stocks
Economy

Market Outlook: S&P 500 Poised for Record Highs Amid Powell's Testimony

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The stock market is on an upward trajectory, with the S&P 500 and Nasdaq Composite reaching record highs as investors monitor a potential pullback. Federal Reserve Chair Jerome Powell's semiannual testimony to Congress is eagerly anticipated for insights on the economy and inflation.

Although concerns about a 10% correction linger, the market rally, driven by AI-linked stocks and big tech surges, persists. Analysts are reassessing S&P 500 targets amidst a backdrop of strong corporate earnings and hopes for interest rate cuts.

Powell's statements hinting at rate cuts have boosted Wall Street optimism, despite the need for continued 'good data' to solidify confidence.

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Stock Market Today: S&P 500 Hits Record High as Investors Await ... Powell's Testimony

US stocks continue their record-setting climb as investors eagerly anticipate 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 starting to emerge. Investors are also questioning the recent rally in AI-linked stocks. Despite these concerns, US stocks are holding near record levels as Powell's remarks to the Senate buoy rate-cut hopes. Powell hinted at the possibility of lowering interest rates due to cooling inflation and the job market. Investors are anxiously awaiting Powell's appearance in the House, as well as the crucial consumer inflation report scheduled for Thursday. Meanwhile, the S&P 500's strong performance this year, driven by a handful of AI-related stocks, has led to an 'earnings recession' for the remaining stocks in the index. However, analysts expect this earnings recession to end in the upcoming second quarter. Despite the S&P 500 reaching an all-time high, two Dow dividend stocks, Nike and McDonald's, are trading near their 52-week lows and are considered attractive long-term investments due to their solid dividends and compelling valuations.

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.

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9. Juli 2024 um 17:13

Stock market today: S&P 500 set to build on record high as Powell kicks off semiannual testimony

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The S&P 500 and Nasdaq Composite are poised to build on their record highs as investors assess concerns about a potential pullback. Federal Reserve Chair Jerome Powell is set to deliver his semiannual testimony to Congress, which could provide insights into the central bank's view on the economy and inflation. Stocks have reached new all-time highs amid signs of a US economic slowdown, which has fueled bets on interest rate cuts. However, a note of caution is emerging as some strategists predict..
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The stock market has been on a record-breaking run, with the S&P 500, Nasdaq Composite, and Nasdaq-100 indexes all closing at new highs. However, the higher prices rise, the greater the risks to the market. Indicators like the relative strength index (RSI) suggest that many stocks, including tech giants like Apple, Alphabet, and Microsoft, are overbought and due for a pullback. The market's heavy reliance on a few large tech companies is a concern, and a correction could hit the most vulnerable..
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