Shares edge higher, US Treasury yields weaken as markets weigh Fed chair comments

Shares edge higher, US Treasury yields weaken as markets weigh Fed chair comments

By Chibuike Oguh

Tue July 2, 2024 4:39 PM

All three indexes were more or less flat until about 1 pm, then zoomed up to close with 3-digit gains. Job openings rose slightly above expectations suggesting a stable job market, but not enough to move the needle. And though Powell’s comments today (likely made around 1 pm) stuck to the Fed’s guns about needing more data before cutting rates, the market today took these comments as suddenly dovish and even “laying the groundwork for cuts maybe in September.”  A lot more data coming Wednesday and Friday. Per the CBOE, volume came in at 10.1 billion, still quite thin but in line with holiday week trading. 

DJ: 39,169.52  +50.66        NAS: 17,879.30  +146.70        S&P: 5,475.09  +14.61     7/1

DJ: 39,331.85  +162.33      NAS: 18,028.76  +149.46        S&P: 5,509.01  +33.92     7/2

Tue 7-2-24 4:39 pm Shares edge higher, US Treasury yields weaken as markets weigh Fed chair comments | Reuters