On July 9, 2024, the S&P 500 Index is up 0.20%, while the Dow Jones Industrials Index is down 0.12%, and the Nasdaq 100 Index has risen 0.35%. Notably, the S&P 500 and Nasdaq 100 have reached new all-time highs, driven primarily by strength in chip stocks, although higher Treasury note yields are negatively impacting equities.
Market analysts are focused on Federal Reserve Chair Powell’s semiannual monetary policy report to the Senate Banking Committee today and the House Financial Services Committee on July 10. The consensus for the June US Consumer Price Index (CPI) is a decrease to 3.1% year-over-year from 3.3% in May, while the core CPI is expected to remain unchanged at 3.4% year-over-year. Additionally, the second-quarter earnings season begins this Friday with major bank reports, including those from JPMorgan Chase and Citigroup.
Global stock markets are mixed today, with the Euro Stoxx 50 down 0.90% and China’s Shanghai Composite up 1.26%. Japan’s Nikkei 225 Index has increased by 1.96%, reaching a new all-time high. Notably, September 10-year Treasury note yields have risen to 4.288%, and the Treasury will auction $119 billion in notes and bonds this week.
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