The S&P 500 index climbed to new all-time highs, rising 0.3% during Tuesday’s session, aiming for a potential sixth consecutive positive close and remaining resilient after Fed Chair Jerome Powell‘s testimony before the Senate Banking Committee.
Powell used both hawkish tones – stating that it is not yet appropriate to cut rates until greater confidence on the 2% target is achieved – and dovish tones, noting recent progress and warning that a weakening labor market could be a significant factor for a rate cut.
Markets are looking ahead with confidence to the upcoming June inflation report, due this Thursday, which could solidify the already high expectations for a rate cut in September.
Financials were the top-performing sector on Tuesday, after Reuters reported that the Federal Reserve is considering revising a key rule that could save the nation’s largest banks billions in capital.
Investors also anticipate the upcoming banking sector earnings report with three major banks – JPMorgan Chase & Co. JPM, Citigroup Inc. C, and Wells Fargo & Co. WFC – set to announce results on Friday.
Commodities were broadly softer, likely impacted by the second consecutive surge of a broader U.S. dollar basket and rising Treasury yields. Natural gas rose again by over 1% following supply disruptions caused by Hurricane Beryl.
Bitcoin BTC/USD rose 1.8% to $57,800.
Elsewhere, French stocks, as tracked by the iShares MSCI France Index Fund EWQ, tumbled 1.6%, reflecting negative investor sentiment after left-wing parties’ election gain.
Tuesday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Dow Jones | 39,474.27 | 0.3% |
| S&P 500 | 5,590.71 | 0.3% |
| Nasdaq 100 | 20,465.04 | 0.1% |
| Russell 2000 | 2,040.20 | 0.0% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY was 0.3% higher to $557.01.
- The SPDR Dow Jones Industrial Average DIA was 0.4% higher to $394.89.
- The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was up 0.1% to $497.83.
- Sector-wise, the Financials Select Sector SPDR Fund XLF outperformed, up by 1.4%, while the Technology Select Sector SPDR Fund XLK lagged, falling 0.4%.
Tuesday’s Stock Movers
- Tesla Inc. TSLA rose about 4%, eyeing the 10th straight day of rally and topping gains within mega-cap stocks.
- Citigroup Inc., Goldman Sachs Inc. GS and Bank of America Corp. BAC each rallied by about 2.7%, and JPMorgan rose 1.8%, in response to the positive news on potentially lower capital buffer requirements.
- Semiconductors weakened across the board Tuesday. Industry giants such as Arm Holdings plc ARM, Broadcom Inc. AVGO and Advanced Micro Devices Inc. AMD fell by about 2% each.
- Incyte Corp. INCY and Vestis Corp. VSTS saw their shares rise by over 4.5% and 7%, respectively, following the announcement of their earnings report dates on July 30 and Aug. 7.
- Albemarle Corp. ALB fell 6.7%, on track to achieve lows last seen in October 2020, as lithium prices continue to ease.
Read Next:
Image created using artificial intelligence via Midjourney.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
:max_bytes(150000):strip_icc()/roundup-writereditor-loved-deals-tout-f5de51f85de145b2b1eb99cdb7b6cb84.jpg "I’m a Travel Writer, and Out of the 5 Million Prime Day Deals on Site, These Are the 12 I’m Shopping")
