US inflation data lifts global stocks, lowers Treasury yields
Fri July 26, 2024 5:07 PM
PCE came exactly as expected for both the month and the year and this shot up all three indexes right out the gate to very respectable gains, especially on the Dow. As today’s expert put it, “This is just another month of good inflation data from the Fed’s preferred measure of inflation,” and thus setting as a virtual certainty a September rate cut. There is still concern over the stability of the tech megacaps which accounted for continued rotation into undervalued industrials. But today the market seemed satisfied that the megacaps are beginning to stabilize. “The more recent trend is building on market’s confidence that we are on a trajectory that would get us to 2% over the long run.” Per the CBOE, volume was 11 billion, a little below the 11.6 4-week average.
DJ: 39,935.07 +81.20 NAS: 17,181.72 -160.69 S&P: 5,399.22 -27.91 7/25
DJ: 40,589.34 +654.27 NAS: 17,357.88 +176.16 S&P: 5,459.10 +59.88 7/26
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