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Stock Market Today: Live Updates
The S&P 500 and Nasdaq Composite closed at fresh records on Tuesday, marking another day of significant market movement. Stock futures showed minimal movement during overnight trading, with the Dow Jones Industrial Average experiencing a slight decline of 3 points, while $SP500 and $Nasdaq100 futures hovered around the unchanged mark.
Federal Reserve Chair Jerome Powell's warning about the potential negative impact of prolonged high rates on economic growth influenced market sentiment. Powell emphasized the importance of not delaying policy adjustments, as this could hamper economic activity and employment. During his semiannual address to Congress, Powell highlighted the significance of robust data in confirming a sustainable inflation trajectory. He stressed the need for caution in reducing policy restraints to avoid weakening the economy.
Market analysts are closely watching the upcoming consumer price index (CPI) release as a critical indicator for potential rate adjustments. Young Thomas, head of investment strategy at Fi, discussed the impact of cooler CPI and producer price index (PPI) readings on market expectations for rate changes. She emphasized that while moderate data is favorable, excessively subdued data could pose challenges.
Wednesday's economic calendar is relatively light, with the release of the final wholesale inventories report for May preceding the June CPI data scheduled for Thursday. The June PPI figures will then be disclosed on Friday.
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