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The inflation report is great news for the prospect of a rate cut
US stocks edged higher into record territory after inflation cooled more than expected in June. The 10-year Treasury yield dropped as investors eyed a clearer path for the Fed to cut rates. Odds of a cut at the July policy meeting rose, though the strongest odds are still for a...
Stock market today: S&P 500 closes at a fresh record above 5,600 as traders brace for June inflation
US stocks climbed Wednesday, with the S&P 500 closing at a record high. Traders are waiting on the June inflation report, which will be a key input for Fed policy. Investors are anticipating two rate cuts from the central bank by year-end, per the CME FedWatch tool. US stocks rose...
Congress takes another stab at banning members from trading stocks
A bipartisan group of Senators introduced a new bill that would ban Congress from trading stocks. The ETHICS act would impose hefty fines against members of Congress that violate the law. "There is no reason why members of Congress ought to be profiting off of the information that only they...
Credit investments aren't worth the risk right now, says bond giant PIMCO
PIMCO says that private credit investors are not being compensated enough for market risks. Excess premium is falling as capital flows into too few opportunities, the bond giant said. Private corporate credit is vulnerable to higher interest rates or an economic slowdown, the firm added. Credit returns aren't enough to...
Why June CPI is going to be a big moment for stock market bulls, according to Fundstrat's Tom Lee
The June CPI report will show a continued drop in inflation, according to Fundstrat's Tom Lee. Lee expects a soft June CPI report will push the Fed to cut rates more than two times this year. "It's going to be a week of reckoning, and I mean a reckoning of...
Elon Musk's net worth grew by $67 billion during Tesla's 10-day win streak
Elon Musk's net worth soared to $274 billion after Tesla stock's 10-day stock win streak. Tesla shares have risen 44% since late June, driven by better-than-expected second-quarter deliveries. Musk is once again the world's richest person, and his net worth exceeds Jeff Bezos's by $53 billion. Elon Musk's net worth...
Stock market today: Indexes poised for another record as traders digest Fed commentary
US stocks climbed higher on Wednesday and were poised to notch another fresh record. Major averages were higher after the opening bell, while bond yields ticked lower. Traders were feeling upbeat after Fed Chair Powell delivered slightly dovish guidance on rate cuts before Congress on Tuesday. More positive inflation data...
Tesla is acting like a meme stock right now, says billionaire 'Bond King' Bill Gross
Tesla is acting like a meme stock right now, according to legendary bond investor Bill Gross. Tesla stock has soared more than 40% amid a 10-day winning streak. Gross said Tesla had "sagging fundamentals" amid the "straight up price action." Tesla is acting like a meme stock right now, according...
Stock market today: Indexes inch higher to new records after Powell testimony
The S&P 500 and Nasdaq 100 breached new records on Tuesday, though trades remained muted in the broader stock market. Monetary-policy outlooks were little changed after Federal Reserve Chairman Jerome Powell's testimony to Congress. Instead, markets continue to expect two interest rate cuts through the final months of this year.
Russian FX trading is almost entirely in yuan as sanctions restrict dollar use
The Chinese yuan made up 99.6% of Russian foreign exchange market in June, Bloomberg reported. This comes after the dollar and euro were barred from Russia's main exchange. One expert predicted this would happen, claiming the yuan would become Russia's main trade currency "once and for all." The Chinese yuan's...
Stock market today: Indexes hover near records ahead of Fed Chair Powell's testimony
Stock indexes are hovering near record highs ahead of the testimony of Fed Chair Jerome Powell. Later this week, CPI inflation data will also help determine where interest rates are headed. Investors are also prepping for the start to 2nd-quarter earnings season. US stocks hovered near record territory on Tuesday...
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