Stock markets at record highs despite warnings of correction, fueled by Fed rate cut hopes.

From Forbes: 2024-07-13 07:37:00

Stock markets are booming as Federal Reserve chair Jerome Powell hints at a September interest rate cut. The S&P 500 and Nasdaq reach all-time highs despite debt fears, with one analyst warning of a looming stock market correction. On July 13, the Dow closes above 40,000, while JPMorgan, Citigroup, and Wells Fargo report mixed earnings results. Traders are hopeful for earnings growth in the coming weeks amid slowing inflation and a strong economy. The recent bitcoin crash could trigger an S&P 500 correction, according to Stifel’s Barry Bannister. Overall, traders are optimistic about rate cuts from the Fed, keeping momentum with stocks high.



Read more at Forbes: An ‘Imminent’ Stock Market ‘Correction’ Warning Suddenly Flashed Red—Just As The S&P 500, The Dow And The Nasdaq Hit Record Highs