• Market Savera - 11/07/2024

  • Jul 11 2024
  • Duración: 2 m
  • Podcast

Market Savera - 11/07/2024

  • Resumen

  • U.S. stocks rose to new milestones on Wednesday, with the S&P 500 finishing above 5,600 for the first time and the Nasdaq Composite securing its 27th record close of 2024. Helping to fuel some of the risk-on sentiment from investors was the sense that the Federal Reserve might be willing to cut interest rates multiple times through January to support the economy. Jerome Powell told Congress that the Fed doesn’t need inflation below 2% before cutting rates and that officials still have more work to do. He noted the labor market has cooled “pretty significantly.” U.S. inflation data due this week include the Consumer Price Index on Thursday and the Producer Price Index report on Friday. Asian equities rose on Thursday after a rally in the world’s largest tech stocks lifted global shares to new highs ahead of US inflation data due later Thursday. Taiwan Semiconductor Manufacturing Co. traded at record levels after the sole supplier of Nvidia and Apple’s most advanced chips said second-quarter sales grew at their fastest pace since 2022. Japan’s Nikkei 225 surged to a fresh high on Thursday, crossing the 42,000 mark for the first time. Nifty logged its worst session on July 10 since June 4 after hitting highs at open. At close, Nifty was down 0.45% or 108.8 points at 24324.5. Nifty fell on July 10 forming a Bearish Engulfing pattern at record highs. A long lower shadow reflects part recovery during the day and the fight by bulls. Nifty could now be headed lower for the near term with some intermittent bounces. It could stay in the 24461-24141 band for the near term.
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