ATFX ► Market Analysis ► Market Snapshot ► Daily Market Snapshot: US Stocks Rally On Inflation Data & Fed Rate Cut Expectations – 29 July 2024

Daily Market Snapshot: US Stocks Rally On Inflation Data & Fed Rate Cut Expectations – 29 July 2024

US stocks rallied well on Friday after key inflation data came in largely on expectations pushing up expectations for a Fed rate cut in September. The Dow led the way, closing over 1.5% higher, followed by the tech heavy S&P and Nasdaq.

Treasury yields fell back again in line with the rate cut expectations and the dollar drifted slightly lower whilst Oil prices took another hit, losing close to 1.5% on the day.

Traders are expecting markets to open the week on the front foot today, although remaining largely range bound in the sessions ahead. There is little on the event calendar today but that changes swiftly in the days ahead with a plethora of central bank rate calls, tier 1 data and top company earnings reports due out.

Market	Change	Close
Dow	+1.64%	40,589
S&P	+1.11%	5,459
Nasdaq	+1.03%	17,357
USD	-0.07%	104.26
US Treasury – 2 Year	-5.4 bps	4.389%
US Treasury – 10 Year	-5.6 bps	4.200%
Oil – Brent	-1.5%	$81.31
Oil – WTI	-1.4%	$77.16
Gold	+0.8%	$2,383

Last Updated: July 29, 2024

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