Major US indices are wondering to the upside, despite comments from Trump that a China deal was close, that an EU deal was 50-50, although he did speak more positively of the prospects, that the UK and US might announce a revised trade deal this weekend, and that he got the impression that Fed Powell was ready to cut rates (that might be premature but most Fed officials do see the Fed cutting).
For next week, the FOMC will announce its interest rate decision on Wednesday. My guess is that the best case scenario would be if Powell puts a caveat that if inflation does not rise as much as expected, the Fed will cut ahead of the 2% inflation target (service inflation is coming down).
A snapshot of the current major indices shows
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Dow Jones Industrial Average (DJI): 44,747.51 (+0.12%)
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S&P 500 (SPX): 6,375.84 (+0.20%)
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Nasdaq Composite (IXIC): 21,096.95 (+0.19%)
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Russell 2000 (RUT): 2,244.90 (−0.32%)
Some of the gainers today include:
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Roblox: +2.84%
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Palantir: +2.77%
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AMD: +2.52%
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Tesla: +2.45%
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Cadence Design: +2.36%
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Robinhood Markets: +2.32%
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Gilead: +2.25%
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Stellantis NV: +2.11%
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Chipotle Mexican Grill: +2.10%
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Shopify: +2.02%
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Snowflake: +2.01%
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Rivian Automotive: +1.66%
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Taiwan Semiconductor: +1.46%
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DoorDash: +1.44%
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FedEx: +1.28%
The losers today are led by Intel as traders don’t buy its “rebound story” after earnings yesterday:
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Intel: −8.33%
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Grayscale Bitcoin (GBTC): −3.08%
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MicroStrategy: −2.14%
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ASML ADR: −2.03%
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Deutsche Bank: −1.54%
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Biogen: −1.52%
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IBM: −1.39%
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Southwest Airlines: −1.38%
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ARK Genomic Revolution: −1.38%
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Snap: −1.13%
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Chewy: −1.13%
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Tapestry: −1.11%
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Micron: −1.00%
This article was written by Greg Michalowski at investinglive.com.
