Market Commentary - Foreign Markets
US Equities End Mixed With Fed Powell's Testimony In Sight As on : 09-Jul-24  10:20

US equities ended mixed on Monday as the mood turned a bit cautious as the day progressed with investors looking ahead to the data on consumer and producer prices, and Federal Reserve Chair Jerome Powell's congressional testimony this week. The Dow edged down 31.08 points or 0.08 percent to 39,344.79. The S&P 500 ended higher by 5.66 points or 0.1 percent to 5,572.85, while the Nasdaq advanced 50.98 points or 0.28 percent to 18,403.74.

Networking stocks found good support. Shares of semiconductor and hardware companies also moved higher, contributing significantly to the gains of the Nasdaq. Nvidia gained nearly 2 percent. Advanced Micro Devices Inc. shares rallied 4 percent. Intel surged more than 6 percent, and Dell Technologies climbed 5 percent.

Meanwhile, the dollar index is lingering below 105 after losing nearly 1% last week, weighed down by soft US economic data which reinforced a dovish outlook on Federal Reserve monetary policy. US benchmark 10-year treasury yields are also quoting at around 4.28%. Powell's testimony before the Senate today and the House on Wednesday is awaited for clearer signals on the future direction of the Fed's interest rate path. Investors also anticipate key upcoming inflation figures set to be released on Thursday.

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