Stock indexes closed higher on Powell's comments on disinflation trend and positive economic data.

From Nasdaq: 2024-07-02 18:08:20

Stock indexes closed higher on Tuesday with the S&P 500 up +0.62%, Dow Jones up +0.41%, and Nasdaq up +1.01%. Support came from Fed Chair Powell’s comments on disinflation trend and positive economic data. European stocks fell on ECB President’s hawkish stance. US job openings rose unexpectedly in May. 10-year T-note yield dropped to 4.438%.Eurozone CPI eased to +2.5%, but core CPI rose to +2.9%. ECB member emphasized core inflation in future policies. The ECB is looking to September for potential rate cuts. Swaps predict low chances of rate cut in July or September meetings.US stocks moved up, with Tesla leading after strong Q2 deliveries. Chip stocks rallied, with ON Semiconductor and AMD up +5% each. PayPal gained after an upgrade, while Lennar and Homebuilders slid due to market concerns. Incyte dropped on downgrade, Eli Lilly on pricing pressure. CrowdStrike and Nike slid on analysts’ actions.



Read more at Nasdaq: Stocks Post Moderate Gains as Powell Says Inflation is Receding