Daily Market Snapshot: US Stock Indices Power to Fresh Record Highs – 11 July 2024

US Stock indices powered to fresh record highs in trading yesterday as the usual tech heavyweight names drove higher once again. Investors took a glass half full approach to another non-committal testimony from the Fed Chair and continued to look for a first rate cut in September to spur markets.

Other products were more subdued, sticking to tight ranges ahead of tonight’s key US inflation data, US treasury yields edged slightly lower, as did the dollar whereas both Oil and Gold pulled back some of the recent losses.

Asian markets are set to open on the front foot today on the back of a strong Wall Street, however there is little on the calendar to change sentiment. There will be an early focus on the UK economy early in the European session with the release of GDP numbers, but really the main focus for the day will be on the New York session and the release of the key CPI data.

MarketChangeClose
Dow+1.09%39,721
S&P+1.02%5,634
Nasdaq+1.18%18,647
USD-0.05%105.07
US Treasury – 2 Year-0.7 bps4.630%
US Treasury – 10 Year-1.6 bps4.284%
Oil – Brent+0.5%$85.08
Oil – WTI+0.85%$82.10
Gold+0.3%$2,371

Today’s Events:

European Session

  • 4.00 pm – UK – GDP Data

US Session

  • 10.30 pm – US – CPI Data
  • 10.30 pm – US – Weekly Unemployment Claims Data
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