Get ready for a wild ride! The S&P 500 hits a new record high ahead of Powell’s testimony. Will the Fed’s next move spark a market rally or crash? Find out now!”
July 11, 2024 – The stock market experienced a day of mixed trading, with the S&P 500 managing to eke out a small gain and close at a record high. The benchmark index rose 0.1% to 4,423.44, surpassing its previous record set on June 28.
Investors were cautious ahead of Federal Reserve Chairman Jerome Powell’s highly anticipated testimony before Congress, scheduled for Wednesday and Thursday. Powell’s comments will be closely watched for insights into the Fed’s future monetary policy decisions.
Technology stocks led the gainers, with the sector rising 0.4%. Microsoft and Alphabet were among the top performers, with gains of 1.1% and 1.3%, respectively. Amazon also rose, adding 1.2% to its value.
The Dow Jones Industrial Average, however, failed to join the S&P 500 in record territory, slipping 0.1% to 30,899.45. The Nasdaq Composite Index rose 0.3% to 13,123.65.
Investors are eagerly awaiting Powell’s testimony for clues on the Fed’s plans to combat inflation, which has been running at its highest level in decades. The central bank has already raised interest rates several times this year, and markets are expecting further hikes in the coming months.
Despite the record close, market sentiment remains cautious, with many investors concerned about the potential impact of higher interest rates on economic growth. The yield on the 10-year Treasury note rose to 3.93%, its highest level since June 14.
In corporate news, shares of JPMorgan Chase fell 1.4% after the bank reported a larger-than-expected decline in second-quarter profit. Wells Fargo, on the other hand, rose 1.6% after its quarterly earnings beat analyst estimates.
In other markets, the price of West Texas Intermediate crude oil rose 1.5% to $104.22 per barrel, while the U.S. dollar index fell 0.2% against a basket of major currencies.
Overall, the stock market is likely to remain volatile in the coming days, with investors closely watching Powell’s testimony and the latest batch of corporate earnings reports for direction.
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