MARKET RECAP<\/p>\n
Here are the highlights for the financial markets for the business week ending July 12, 2024:<\/p>\n
-There was an attempted assassination of Donald Trump. Fortunately, the former President survived. Hopefully, some good comes out of this, and we can move forward as a more civil society and respect opinions even when they differ from our own. That is what each party is now pledging.<\/p>\n
– The Dow closed above 40,000 for the second time, buoyed by gains in various sectors. The index hit intraday record highs on Friday.<\/p>\n
– **Bank Earnings**:
\n– Wells Fargo’s shares dropped over 5% following their quarterly results, while JPMorgan Chase remained stable, and Citigroup advanced. Analysts expect major banks to increase reserves to cover declining loans, impacting their earnings.<\/p>\n
– The June Consumer Price Index (CPI) fell by 0.1%, marking the first monthly decrease in over four years, reinforcing expectations of an interest rate cut by the Federal Reserve in September.
\n– The market is now pricing three rate cuts by the end of January 2025.<\/p>\n
– Jobless claims for the week ending July 6 decreased to 222,000, indicating a stable job market.<\/p>\n
Overall, the week was marked by gains in major indexes, a shift in investor focus from large-cap tech stocks to smaller companies, and significant movements in bank stocks following earnings reports. Inflation data and expectations of Federal Reserve rate cuts played a crucial role in shaping market sentiment.<\/p>\n
SCOREBOARD<\/p>\n
MARKET RECAP Here are the highlights for the financial markets for the business week ending July 12, 2024: -There was an attempted assassination of Donald Trump. Fortunately, the former President survived. Hopefully, some good comes out of this, and we … Continue reading ![\"\"](\"https:\/\/envisionco.net\/wp-content\/uploads\/2024\/07\/Scoreboard-07-12-2024.png\")
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