Market Commentary - Foreign Markets
US Stocks Upbeat; Dow, S&P Hit Fresh Closing Highs As on : 16-Jul-24  11:31

US Equities stayed upbeat on Monday and rose toward all-time highs as anticipated market volatility did not occur after Donald Trump's assassination attack increased his chances of winning the White House. Optimism about interest rate cuts by the Fed coupled with rising prospects of former President Donald Trump winning the upcoming presidential elections rendered the mood positive on Wall Street. Powell said on Monday that recent data 'add somewhat to confidence' that inflation is returning to target and that the central bank will not wait until inflation hits 2% before cutting rates.

The Dow ended up 210.82 points or 0.53 percent at 40,211.72 after scaling a new high at 40,351.10. The S&P 500, which climbed to a new high of 5,666.94, settled at 5,631.22, gaining 15.87 points or 0.28 percent, while the Nasdaq ended with a gain of 74.12 points or 0.4 percent at 18,472.57, after hitting a high of 18,641.53. Trump Media & Technology shares zoomed nearly 32 percent amid huge volumes, following Trump's fortunate escape from the assassination attempt in Pennsylvania on Saturday. Goldman Sachs rose 1.3% to a record high of $485 after surpassing earnings and revenue expectations and BlackRock increased by 0.9% after reporting a rise in assets under management to a record $10.6 trillion.

Meanwhile, dollar index was above 104 and yield on the US 10-year Treasury note rose above 4.23% on Monday, rebounding from 4-month lows as an assassination attempt on US presidential candidate Donald Trump raised his odds of retaking the White House in November. Markets have been considering a Trump win bullish for Treasury yields as his policies are seen as inflationary due to tax cuts, tighter immigration policy and higher tariffs on imports.

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