Nasdaq, S&P 500 hit record highs as payrolls data raises rate cut hopes
By Saeed Azhar , Ankika
Biswas and Lisa Pauline Mattackal
July 5, 2024 5:48 PM
It was a triple whammy of good inflation news with job growth slowing, unemployment at a 2-1/2 year high, and wage gains slowing, all leading to dramatically increased optimism for a September rate cut, today’s odds at 79% vs 66% on Wednesday, as well as increased expectations for a cut in December. Of course, this zoomed up the rate sensitive tech sector sending the S&P and Nasdaq once again to new records and 1.95% and 3.5% weekly gains respectively. Industrials as expected went the other way spending much of the day in the red, the Dow down some 140 points in the morning, but steadily recovering to a 67 gain by close. Q2 reporting starts next week with the big banks. For the shortened holiday week, volume remained quite thin at 9.73 billion.
DJ: 39,308.00 -23.85 NAS: 18,188.30 +159.54 S&P: 5,537.02 +28.01 7/3
DJ: 39,375.87 +67.87 NAS: 18,352.76
+164.46 S&P: 5,567.19
+30.17 7/5
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