Stocks Hold Near Peak on Powell’s ‘Balanced’ Tone

 

• Powell says more good inflation data would boost confidence
• Treasuries under pressure amid a bond selloff in Europe

Stocks hovered near all-time highs as Wall Street viewed Jerome Powell’s economic remarks as balanced, reinforcing speculation the Federal Reserve will be able cut rates this year.

Equities edged up, defying concerns about an overstretched market. Treasuries came under pressure amid a bond selloff in Europe — and also as some traders were positioned for stronger Fed-easing signs. Powell said “more good data” would strengthen confidence that inflation is moving down toward the 2% target, and recent readings point to “modest further progress” on prices. The Fed chair also noted cutting rates too soon or too much could stall or reverse inflation progress.

https://www.bloomberg.com/news/articles/2024-07-08/stock-market-today-dow-s-p-live-updates