Home / Business / Dow could reach new records Thursday

Dow could reach new records Thursday

US stocks started the day up. the Dow (UNDUE) 0.4%, or 102 points, more, while the S & P 500 (SPX) climbed 0.2%. the Nasdaq Composite (COMP) open 0.2%.

The S & P 500 is on track to reach a new record on Thursday after losing three points less than the July 3 record.

The Dow could also reach a new all-time high, after closing Wednesday at 0.4% of last week's record.

The market experienced a decline in slightly higher than previously forecasted consumer price data. Inflation rose 1.6% from one year to the next in June, as expected, but underlying inflation edged up to 2.1%, compared with the same month earlier. 2% expected. The increase in inflation does not bode well for the reduction in interest rates that the market is hoping for.

The forecast of a quarter point cut at the July 31 meeting of the Fed is 80%, the remaining 20% ​​hoping a 50 basis point decrease, according to the tool FedWatch of the CME.

In his remarks to the Financial Services Committee Wednesday, Powell noted that inflation remained below the 2% target of the central bank.

Powell also cited uncertainties about trade and the global economy as threats to US economic growth in his Wednesday testimony. The market has read in its comments that a reduction in interest rates could occur at the end of the month.

According to other data, jobless claims for the week ended July 6 were slightly lower than forecast.

Powell will appear before the Senate Banking Committee at 10:00 am Eastern Time, where he will close his semiannual testimony.

Source link