FYI: U.S. stocks leapt to records Wednesday after Federal Reserve Chairman Jerome Powell set the stage for the central bank to cut interest rates to bolster flagging growth.
The S&P 500 and the Nasdaq Composite touched all-time highs, with the S&P briefly eclipsing the 3000 level for the first time. The indexes were up 0.45% and 0.75% at the close. The Dow Jones Industrial Average climbed 0.29%, snapping a three-day losing streak.
The indexes extended gains Wednesday afternoon after the Fed released minutes from its June meeting, showing many central bank officials saw a stronger case for a rate cut.
Federal-funds futures, used by investors to bet on central-bank policy, show a 29% chance that the Fed will cut rates by half a percentage point at its July 31 meeting, up from 3.3% yesterday. The odds of a quarter-point cut stand at about 71%.
The yield on 10-year U.S. Treasurys were steady at 2.058%. Yields and prices move in opposite directions.
The S&P 500’s crossing of the 3000 threshold has taken nearly 5 years. It broke through 2000 for the first time in August 2014.
Energy and technology stocks led the index higher. Micron Technology Inc. rose 3.4% to $42.75 a share and Seagate Technology PLC gained 3% to $47.41 a share.
Energy companies got a boost from rising oil prices after the Energy Information Administration reported a larger-than-expected decline in U.S. stockpiles. U.S. oil futures rose 4%, or $2.33 a barrel, to $60.17. Oil and gas producer Noble Energy Inc. was up 3.9% to $22.36 a share.
In other markets, Europe’s pan-continental Stoxx Europe 600 declined 0.2%. Asian markets were mixed. Shanghai-listed stocks slipped after Chinese consumer inflation held steady in June, while Hong Kong’s Hang Sen index gained 0.3%.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2019-07-10/your-evening-briefingMarketWatch:
https://www.marketwatch.com/story/stock-futures-point-slightly-lower-ahead-of-testimony-by-feds-powell-2019-07-10/printWSJ:
https://www.wsj.com/articles/europe-stocks-edge-down-ahead-of-fed-testimony-11562746746Bloomberg:
https://www.bloomberg.com/news/articles/2019-07-09/asian-stocks-set-for-mixed-trading-ahead-of-powell-markets-wrap?srnd=premiumIBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-stock-breaks-out-as-market-indexes-hit-new-highs/CNBC:
https://www.cnbc.com/2019/07/10/stock-market-fed-chair-powells-testimony-in-focus-on-wall-street.htmlReuters:
https://uk.reuters.com/article/us-usa-stocks/wall-st-hits-record-on-powells-comments-sp-500-crosses-3000-idUKKCN1U51CXU.K:
https://uk.reuters.com/article/uk-britain-stocks/exporters-lead-ftse-100-lower-as-fed-chairs-comments-knock-dollar-idUKKCN1U50OFEurope:
https://www.reuters.com/article/us-europe-stocks/european-shares-end-lower-as-fed-optimism-short-lived-banks-outperform-idUSKCN1U50N2Asia:
https://www.marketwatch.com/story/australia-leads-asia-stocks-higher-early-wednesday-despite-disappointing-consumer-confidence-data-2019-07-09/printBonds:
https://www.cnbc.com/2019/07/10/us-treasury-yields-tick-higher-as-investors-await-powells-testimony.htmlCurrencies:
https://www.cnbc.com/2019/07/10/forex-markets-dollar-federal-reserve-in-focus.htmlOil:
https://www.cnbc.com/2019/07/10/oil-markets-us-stockpiles-in-focus.htmlGold:
https://www.cnbc.com/2019/07/10/gold-markets-dollar-federal-reserve-in-focus.htmlWSJ: Markets At A Glance:
https://markets.wsj.com/usMajor ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitorSPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-trackerSPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectorsCurrent Futures:
https://finviz.com/futures.ashx 
