S&P 500, Nasdaq extend record streaks; CPI on deck
Main U.S. indexes surge >1%
All 11 S&P 500 sectors advance; Tech leads
Dollar slips; bitcoin drops ~1%; gold up; crude gains >1%
U.S. 10-Year Treasury yield edges down to ~4.28%
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S&P 500, NASDAQ EXTEND RECORD STREAKS; CPI ON DECK
The S&P 500 .SPX and the Nasdaq .IXIC have gotten into the habit of notching consecutive record closing highs, with the former logging its sixth and the latter scoring its seventh.
All three major U.S. stock indexes gained more than 1%.
Chips .SOX, which jumped 2.4%, powered by Nvidia NVDA.O, were clear outperformers, giving the tech-heavy Nasdaq the advantage. Regional banks .KRX and housing stocks also had good days .HGX, rising 2.3% and 1.9%, respectively.
The rally gained conviction after U.S. Federal Reserve Chair Jerome Powell wrapped up the second day of his semi-annual monetary policy testimony before both chambers of congress.
Speaking before the House Financial Services Committee, Powell offered assurances that the central bank will cut interest rates when appropriate, pushing back against the suggestion that doing so before the presidential election would be a "political act" and reiterating the Fed's data dependency.
Speaking of data, the Labor Department is expected to release its Consumer Price Index (CPI) on Thursday, and analysts expect the report will show inflation remains on the long and winding road down to the Fed's 2% target, cooling to 3.1% from 3.3% year-over-year.
CPI is certainly Thursday's headliner, but weekly jobless claims will also be worth a gander as gathering signs of softness in the labor market are also on the Fed's radar, according to Powell's testimony.
Also on Thursday, Conagra CAG.N Delta Air Lines DAL.N and Pepsico PEP.O will report earnings, a prologue to Friday's unofficial opening of second-quarter reporting season, when three big U.S. banks - JPMorgan Chase JPM.N, Citigroup C.N and Wells Fargo WFC.N take the stage.
Here's your closing snapshot:
(Stephen Culp)
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FOR WEDNESDAY'S EARLIER ON LIVE MARKETS POSTS:
POWELL'S LABOR MARKET REMARKS SIGNAL RATE CUT LIKELY TO COME THIS YEAR, RAYMOND JAMES - CLICK HERE
STRONG FIRST HALF MAY PAVE THE WAY FOR A SOLID SECOND HALF - BMO - CLICK HERE
MORTGAGE RATES ROLL A SEVEN, BORROWERS STAY OUT OF THE GAME - CLICK HERE
S&P 500, NASDAQ AIM TO EXTEND RUN OF RECORD-CLOSING HIGHS, DOW LOITERS NEAR STARTING LINE - CLICK HERE
SMALL CAPS: READY TO RUMBLE, BUMBLE OR STUMBLE? - CLICK HERE
INVESTORS ARE CLOSELY WATCHING BOE SPEAK - CLICK HERE
EUROPE'S BANKS TO LIFT GUIDANCE, BUT WILL THAT MATTER? - CLICK HERE
EUROPEAN TELECOMS FINDING SOME SELL-SIDE SUPPORT - CLICK HERE
REAL ESTATE AND UTILITIES SUPPORT THE STOXX - CLICK HERE
EUROPE TO STEADY AFTER FRENCH LED DROP, EYES ON GERMAN AUTOS - CLICK HERE
TURNING THE CORNER IN THE INFLATION FIGHT - CLICK HERE
Closing snapshot https://reut.rs/466PhKY
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