Daily Market Snapshot: Fed Chair’s Testimony Leaves Markets Uninspired – 10 July 2024

It was another relatively quiet day for markets yesterday with most of the major financial markets trading in familiar ranges. Fed Chair Jerome Powell did little to inspire investors when speaking to the Senate Banking Committee, advising that more “good” data could lead to rate cuts this year.

The S&P and Nasdaq did hit fresh record levels, but moves were unspectacular, and both the dollar and US treasury yields pushed higher after the Fed Chief’s testimony.

Oil prices fell again as damage in the US from Hurricane Beryl has proved to be less severe than anticipated and hopes remain high for a pending Gaza ceasefire.

Traders are anticipating a busier day today with key Chinese data and the RBNZ’s rate decision due in the Asian trading session, before we hear from the Fed Chair again in Washington DC later in the day.

Market Change Close 
Dow -0.13% 39,291 
S&P +0.07% 5,577 
Nasdaq +0.14% 18,429 
USD +0.11% 105.09 
US Treasury – 2 Year +1.9 bps 4.637% 
US Treasury – 10 Year +3.9 bps 4.308% 
Oil – Brent -1.3% $84.66 
Oil – WTI -1.1% $81.41 
Gold +0.2% $2,363 

Today’s Events: 

Asian Session 

  • 11.30 am – China – CPI and PPI Data 
  • 12.00 pm – New Zealand – Interest Rate Decision and Statement 

US Session 

  • 12.00 am – US – Fed Chair Jerome Powell testifies to House Financial Services Committee 
  • 3.01 am – US – 10-year Bond Auction
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