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08/07/24
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Global Shares Lower as Focus on Inflation and Powell
On Monday, MSCI’s global equities index dropped as investors evaluated France’s election surprise.
Fed Chair Jerome Powell’s testimony before Congress on Tuesday and Wednesday was also in focus, with him possibly providing clues on the likelihood of interest rate cuts by the U.S. central bank.
On Thursday, the U.S. consumer price report will be released. June’s inflation rate will likely slow to 3.1% y/y, from May’s 3.3%, and economists estimate the core measure will stay steady at 3.4%.
The week will end with Q2 earnings season kicking off with reports on Friday from major U.S. banks Wells Fargo, JP Morgan, and Citigroup.
Granite Wealth Management’s managing director, Bruce Zaro, said investors were positioning as they expected this rally to continue for the rest of the year.
On Wall Street, the Nasdaq Composite gained 24.37 points, or 0.13%, to 18,377.12, the S&P 500 lost 1.47 points, or 0.03%, to 5,565.72, and the Dow Jones Industrial Average fell 70.28 points, or 0.18%, to 39,305.59.
The S&P recorded its third straight record close on Friday. A gain of the tech-heavy Nasdaq on Monday would mark its fifth consecutive record close.
MSCI’s index of global stocks dropped 0.27 points, or 0.03%, to 817.32. The STOXX 600 pan-European index declined 0.03%.
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