FLASH: Interest rates down, stock prices up. This week’s action and this year’s action bring new records across the board.
The US stock market finished the abbreviated pre-Holiday session on a higher note with the Dow (+0.7%), S&P 500 (+0.8%), and NAS (+0.8%) ending at fresh record highs.
The US Bond and Stock markets will be closed for Independence Day Thursday
On Friday, the Key economic reports include: June NFPs (consensus 160,000; prior 75,000), Nonfarm Private Payrolls (consensus 147,000; prior 90,000), Average Hourly Earnings (consensus 0.3%; prior 0.2%), Unemployment Rate (consensus 3.6%; prior 3.6%), and Average Workweek (consensus 34.4; prior 34.4) will be reported at 8:30 EDT
Wednesday, all 11 S&P 500 sectors finished in the Green: Real Estate (+1.5%), consumer staples (+1.4%), and utilities (+0.8%) jumped out to an early lead, maintaining their position until the close.
Gains in these rate-sensitive sectors were supported by continued strength in Treasuries of longer tenors, the 10-yr yield (-2 bps to 1.95%) and the 30-yr yield (-4 bps to 2.47%) finish the day at fresh lows for the year.
Gold futures ($1421.10, +$13.10, +1.0%) finished up on the news, that President’s new board nominees are expected to carry a Dovish-minded perspective on policy rates.
The US stock market continues to maintain a Bullish perspective over the Fed’s dovish-minded shift on the path of policy rates, which is contributing to low market rates.
Wednesday, the major US stock market indexes finished at: DJIA +179.32 at 26966.00, NAS Comp +61.14 at 8170.23, S&P 500 +22.81 at 2995.82
Volume: Trade on the NYSE came in at 504-M/shares exchanged
- NAS Comp +23.1% YTD
- S&P 500 +19.5% YTD
- Russell 2000 +16.6% YTD
- DJIA +15.6% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with Key indicators flashing Very Bullish.
Have a safe and sane 4th of July Holiday!