Bullish market reacts positively to Fed Chair Powell's statements about likely rate cut in September

From Nasdaq: 2024-07-10 17:51:00

Fed Chair Jerome Powell’s testimony fueled a surprisingly bullish market, with major indices hitting new highs. The Dow soared +429 points, S&P 500 reached a new all-time high, and the Nasdaq led the way to a record close. Powell’s statements suggested a likely rate cut in September, drawing positive market sentiment.

Strong economic growth seen in Wholesale Inventories for May with a +0.6% increase, the strongest since November 2022. As markets expect a rate cut in September, tomorrow’s CPI report and Weekly Jobless Claims are key. Inflation Rate expected to tick down to +3.1% for June, driving favorable market sentiment.

Amidst market optimism, Zacks experts name a chem company as the “Single Best Pick to Double.” With high demand, strong earnings estimates, and share repurchase plans, this company offers significant upside potential. Retail investors could see gains similar to recent high performers like Boston Beer and NVIDIA.



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