Market Commentary - Foreign Markets
US stocks mixed with eyes on Fed As on : 30-Jul-24  11:26

Equities in the US stock market started the week on a mixed note as investors await Federal Reserve monetary policy decision due Wednesday. Investors are watching the upcoming PMI releases and the US Fed monetary policy meeting for any indications of a potential rate cut in September. Later in the week, the focus is likely to shift to the Labor Department's closely watched monthly jobs report for July.

Amid a choppy session on the Wall Street, the Dow edged down 49.41 points or 0.1 percent to 40,539.93, the Nasdaq inched up 12.32 points or 0.1 percent to 17,370.20 and the S&P 500 crept up 4.44 points or 0.1 percent to 5,463.54. Microsoft, Apple, Alphabet, and Amazon saw gains between 1.5% and 0.3% as they prepared to release their Q2 reports, while Tesla surged 5.6% following a recommendation upgrade from Morgan Stanley.

In the bond market, treasuries saw modest strength as traders looked ahead to the Fed decision later this week. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.2 basis points to 4.18 percent. Meanwhile, the US Dollar index is firming up since yesterday and staying around 104.40 mark with all eyes in Fed.

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