Market Update: S&P 500 and Nasdaq hit new highs ahead of Powell's appearance

Money | July 8, 2024, 2:33 p.m.

US stocks opened the week positively, with the S&P 500 and Nasdaq setting new records while the Dow Jones slipped slightly. The markets responded to signals of a potential September interest rate cut from the Federal Reserve, following a jobs report indicating a slowdown in the labor market. About 75% of traders are betting on a rate cut in September. The upcoming week will be crucial, with Federal Reserve Chair Jerome Powell testifying before Congress and the release of the latest Consumer Price Index data. Economists expect headline inflation to match the lows seen at the beginning of the year. In corporate news, Boeing pleaded guilty to criminal charges related to the 737 Max crashes, while Tesla stock continues its impressive run with a ninth straight day of gains. Overall, investor sentiment remains positive as the markets await further signals on the near-term path of interest rates.