Benchmark indices on Wall Street began the second half of 2024 on a positive note even as deliberations continue on whether the second half of 2024 would be as strong as the first.The S&P 500 gained 0.3% on Monday, while the tech-heavy Nasdaq added 0.8% to end at a record high.
The Dow remained an underperformer, ending 0.1% higher.This week will be a truncated one on Wall Street, as markets will end trading early on Wednesday and remain shut on Thursday due to the independence day holiday.Megacap tech stocks continued to outperform but bearish market watchers are wary that the poor market breadth could signal choppy times ahead.“If you can keep above two-thirds of members in the S&P and the Nasdaq that are above their 200-day moving average, I think that would still be a relatively healthy setup as we go through the softer patch of economic data, as you get through a little bit more clarity for where the Fed is going, and what the actual timing of rate cuts looks like.” according to Kevin Gordon, senior investment strategist at Charles Schwab.All eyes are on Fed Chair Jerome Powell, who is scheduled to speak later this evening before a policy panel at the European Central Bank Forum.
He will be part of a panel discussion and not issue prepared remarks before hand.The world’s biggest bond market got hit as traders weighed the potential economic implications of the November US election after last week’s presidential debate between Joe Biden and Donald Trump.While many traders say it’s probably too early to start positioning or reading too much into election headlines, Wall Street kept a watchful eye on news regarding the presidential race.
Just as it happened on Friday, Treasuries fell — with longer-term maturities largely underperforming shorter ones.Job openings data for May and the labor turnover report are also due on Tuesday, while the June jobs report will be out on Friday.
Benchmark indices on Wall Street began the second half of 2024 on a positive note even as deliberations continue on whether the second half of 2024 would be as strong as the first.The S&P 500 gained 0.3% on Monday, while the tech-heavy Nasdaq added 0.8% to end at a record high. The Dow remained an underperformer, ending 0.1% higher.This week will be a truncated one on Wall Street, as markets will end trading early on Wednesday and remain shut on Thursday due to the independence day holiday.Megacap tech stocks continued to outperform but bearish market watchers are wary that the poor market breadth could signal choppy times ahead.“If you can keep above two-thirds of members in the S&P and the Nasdaq that are above their 200-day moving average, I think that would still be a relatively healthy setup as we go through the softer patch of economic data, as you get through a little bit more clarity for where the Fed is going, and what the actual timing of rate cuts looks like.” according to Kevin Gordon, senior investment strategist at Charles Schwab.All eyes are on Fed Chair Jerome Powell, who is scheduled to speak later this evening before a policy panel at the European Central Bank Forum. He will be part of a panel discussion and not issue prepared remarks before hand.The world’s biggest bond market got hit as traders weighed the potential economic implications of the November US election after last week’s presidential debate between Joe Biden and Donald Trump.While many traders say it’s probably too early to start positioning or reading too much into election headlines, Wall Street kept a watchful eye on news regarding the presidential race. Just as it happened on Friday, Treasuries fell — with longer-term maturities largely underperforming shorter ones.Job openings data for May and the labor turnover report are also due on Tuesday, while the June jobs report will be out on Friday.
