From NASDAQ.: 2024-07-09 08:47:59

September S&P 500 E-Mini futures and Nasdaq 100 E-Mini futures are up this morning ahead of Fed Chair Powell’s testimony. Wall Street ended mixed yesterday, with S&P 500 hitting record highs. Corning surged +12% after raising Q2 guidance, while Nike fell -3%. U.S. consumer credit rose +11.35B in May.

Oppenheimer’s John Stoltzfus raised S&P 500 year-end target to 5,900. Market awaits Powell’s testimony and U.S. consumer inflation report. Rate futures indicate 4.7% chance of July rate cut and 73.6% chance of September cut. Corporate earnings season starts Friday with major banks reporting. 10-year U.S. Treasury note yield at 4.286%.

Euro Stoxx 50 futures down this morning as investors await Powell’s testimony. Energy stocks decline, Dassault Systemes slips -4%, and BP anticipates significant impairment. Powell’s testimony and ECB comments will guide market sentiment today. Asian stock markets close higher, Chinese stimulus announcement anticipated. Japan’s Nikkei 225 closes at record high. Japan eyes BOJ tapering plans. Pre-market movers include Kymera Therapeutics, Nvidia, and Bank of America. Earnings spotlight on Helen of Troy Ltd, Smart Global, and more.



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