Get updates delivered to you daily. Free and customizable.
New York Post
Dow closes at record high as Fed-fueled rally continues on Wall Street
By Reuters,
7 hours ago
The Dow hit an all-time high Tuesday, tuned negative but still managed a record close, as investors awaited inflation data for clues about the path of interest-rate cuts by the Federal Reserve.
The Dow Jones Industrial Average surged as much as 245 points to an intraday record of 41,420 before paring gains. Its previous record high was 41,376, reached on July 18.
The blue chip index closed up 65.44 points, or 0.2% to 41,240, breaking its previous record close of 41,198.08 on July 17. The S&P 500 fell 0.3%, and the Nasdaq slipped 0.9%.
The blue-chip Dow hit an intraday record high of 41,420. John Angelillo/UPI/Shutterstock
Nvidia dropped 2.3% ahead of its report on Wednesday in what is set to be the US stock market’s most closely watched event of the week.
Some investors worried that anything short of a stellar forecast from Nvidia could shatter Wall Street’s rally in AI-related companies, including Microsoft, Alphabet and Meta Platforms.
“Nvidia could disappoint. I think when you get to the point where the majority doesn’t even suspect that there could be a piece of bad news, that’s typically where you get it,” warned Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, Okla.
US-listed shares of PDD Holdings tumbled 29% after the Temu-owner missed market expectations for second-quarter revenue.
Of the 11 S&P 500 sector indexes, six declined, led lower by information technology and consumer discretionary.
The energy sector index jumped 1% following reports of oil supply disruptions amid the geopolitical conflict in the Middle East lifted crude prices.
Federal Reserve Chair Jerome Powell, left, and Turkish Central Bank Governor at Jackson Hole, Wyo. on Friday. Powell signaled rate cuts are imminent. REUTERS
Money markets suggest traders see a 70% chance of a 25 basis point interest rate cut and a 30% chance of a 50 basis point cut in September, according to the CME Group’s FedWatch tool.
Friday’s highly anticipated Personal Consumption Expenditure data for July, the central bank’s preferred inflation gauge, could provide more insight into the policy easing trajectory.
Results from Dell, Salesforce, Dollar General and Gap are on tap this week.
Boeing slipped 0.9% after NASA picked SpaceX over the planemaker’s Starliner to return its astronauts from space next year.
For top headlines, breaking news and more, visit nypost.com.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0