Fixed Income Market Overview

Federal Reserve Chair Jerome Powell expressed cautious optimism about inflation progress but emphasized the need for more evidence before considering rate cuts. Speaking at a central banking  forum in Sintra, Portugal, Powell highlighted recent inflation readings as indicative of a disinflationary trend but stressed the importance of achieving sustainable movement toward the 2% target.  He warned against premature policy loosening, noting the risks of undoing progress. Despite market expectations of rate cuts, Powell did not commit to a timeline. His remarks come as the Fed  monitors inflation and global central bank actions, including those of the ECB.

icon-oneRevolut CEO confident on UK bank license approval as fintech firm hits record $545 million profit.
icon-twoChina Plans Broader Push to Develop Tech Like Musk’s Neuralink.
icon-threeChinese EV companies Zeekr and Nio report record deliveries in June.
icon-fourNovo, Lilly Slip as Biden Urges Price Cuts on Obesity Drugs.
icon-fiveNike plots $100 sneaker line as shares plunge in worst-ever drop.

 

Major Indicies

Symbol Price Change %Change
DJIA 39,331.85 162.33 0.41%↑
NASDAQ 20,011.89 199.67 1.01%↑
S&P 500 5,509.01 33.92 0.62%↑
NIKKEI 40,074.69 443.63 1.12%↑
HSI 17,769.14 50.53 0.29%↑
VIX 12.03 -0.19 -1.55%↓

Bonds

Name Yeild CHG
US 10-YR 4.44% -0.03
US 30-YR 4.61% -0.02
US 5-YR 4.40% -0.03
JPN 10-YR 1.09% 0.03
UK 10-YR 4.25% -0.03

Futures & Commodities

Name Last Change %Change
WTI CRUDE 82.81 -0.57 -0.68%↓
NAT GAS 2.454 -0.038 -1.52%↓
GOLD 2,333.40 -5.50 -0.24%↓
SILVER 29.66 0.05 0.15%↑
COPPER 4.419 0.001 0.02%↑
Data and Content as of Previous Closing Day. Source: MarketWatch

 

Equity Market Overview

Stocks rose on Tuesday as Federal Reserve Chair Jerome Powell noted progress on inflation but reiterated the Fed’s readiness to cut rates remains uncertain. The S&P 500 gained 0.62%, closing  above 5,500 for the first time, while the Nasdaq Composite jumped 0.84%, both achieving record highs. The Dow Jones Industrial Average added 162.33 points. Tesla’s 10% surge, following strong Q2 deliveries, boosted the S&P 500, while Nvidia’s 1.3% drop due to investor concerns over sustained AI growth weighed it down. Powell’s comments eased Treasury yields, supporting the market  rally. Despite some volatility in tech stocks, analysts remain optimistic about July’s performance, provided the economy cools at a stable pace. Trading volume is expected to be muted due to the  upcoming Independence Day holiday.

Latest Update: Jul 03, 2024