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Market Update: S&P 500 Hits Record High Amidst Optimism
The S&P 500 soared to a record high on Wednesday, July 10, 2024, as investors looked ahead to a major U.S. inflation report. The broad market index traded 0.4% higher, driven by optimism in the market. This surge follows a mixed session on Wall Street, where the Nasdaq Composite and S&P 500 reached new highs.
Federal Reserve Chair Jerome Powell's recent address to Congress emphasized the importance of robust data in confirming a sustainable inflation trajectory. Powell warned about the potential negative impact of prolonged high rates on economic growth, highlighting 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, scheduled for Thursday, as a critical indicator for potential rate adjustments. Young Thomas, head of investment strategy at Fi, noted that while moderate data is favorable, excessively subdued data could pose challenges.
In other market news, stock futures showed minimal movement during overnight trading on Tuesday, with the Dow Jones Industrial Average experiencing a slight decline of 3 points. The S&P 500 and Nasdaq100 futures hovered around the unchanged mark.
The economic calendar for Wednesday is relatively light, with the release of the final wholesale inventories report for May preceding the June CPI data. The June producer price index figures will be disclosed on Friday.
Original Article: https://www.cnbc.com/2024/07/09/stock-market-today-live-updates.html
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