Stocks hit record highs on strong economic data and potential rate cuts by the Federal Reserve.

From Bloomberg.: 2024-07-16 08:58:06

In North American markets, stocks hit record highs based on economic data showing resilience and a potential start to rate cuts by the U.S. Federal Reserve. Small-cap firms soared while megacaps faltered, with Nvidia driving losses. Retail sales in June increased, highlighting consumer strength at the end of the second quarter.

Corporate highlights include Goldman Sachs, Wells Fargo, PNC Financial, Microsoft, Philip Morris International, and Starboard Value making significant moves in the market. Key events to watch this week include Eurozone CPI, U.S. housing starts, the Fed Beige Book, and the ECB rate decision.

In market movements, the S&P 500 rose 0.5%, the Dow Jones Industrial Average climbed 1.6%, while the Stoxx Europe 600 fell 0.2%. Currencies saw the Bloomberg Dollar Spot Index rise 0.1%, Bitcoin increased to $64,456.63, and WTI crude fell to $81.26 a barrel. Treasury yields declined and gold rose to $2,458.39 an ounce.



Read more at Bloomberg.: Stocks hit fresh highs as 2024 rally broadens out – BNN Bloomberg