{"id":5788,"date":"2019-07-11T07:27:27","date_gmt":"2019-07-11T07:27:27","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=5788"},"modified":"2019-07-11T07:34:31","modified_gmt":"2019-07-11T07:34:31","slug":"sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/","title":{"rendered":"S&#038;P 500 hits 3,000 for the first time as Fed chief speaks of a rate cut"},"content":{"rendered":"<p style=\"text-align: justify;\">Stocks soared to record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell made the case for easier monetary policy in the U.S.<\/p>\n<p style=\"text-align: justify;\">The\u00a0S&amp;P 500 was up 3,000 for a little while. whereas the\u00a0Nasdaq Composite\u00a0and\u00a0Dow Jones Industrial Average\u00a0also reached all-time highs.<\/p>\n<div class=\"BoxInline-container \" style=\"text-align: justify;\">\n<div id=\"BoxInline-ArticleBody-6\" class=\"BoxInline-container\" data-module=\"mps-slot\">It would be safe to say that Powell has his dove hat on and a quarter [rate] cut is coming, said Mike Loewengart, vice president of investment strategy at E-Trade. It may be interesting to see how quickly Powell pointed abroad to support the case for a weakening economy. Also, the reality is things are still pretty strong here at home\u2014last week\u2019s jobs numbers made that clear.<\/div>\n<\/div>\n<p style=\"text-align: justify;\">In testimony\u00a0to the House Financial Services Committee, Powell said business investments in the U.S. have slowed notably and recently as uncertainties over the economic outlook linger.<\/p>\n<p style=\"text-align: justify;\">Crosscurrents have merged said Powell. While many FOMC participants saw that the case for a somewhat more accommodative monetary policy has strengthened. Ever since, it has been based on incoming data and other developments. It appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to strengthen the U.S. economic outlook.<\/p>\n<p>The major stock index pared gains as Powell answered questions from lawmakers, however. While answering questions from lawmakers, Powell reiterated that current trade conditions and muted economic activity have dampened the U.S. economy\u2019s outlook. He noted, however, that the U.S. economy remains on solid ground.<\/p>\n<p>The S&amp;P 500 was shut back below 3,000, up 0.5% at 2,993.07. The Dow, meanwhile, jumped 76.71 points, or 0.3% at 26,860.20 after rallying nearly 200 points. The Nasdaq ended the day off its session high, but managed a record close at 8,202.53 as Amazon rose 1.5% to break above $2,000 per share.<\/p>\n<p>Gold futures rallied more than 1% while short-term Treasury yields slipped.<\/p>\n<p>Powell\u2019s prepared testimony took a decidedly dovish turn with \u2018uncertainties\u2019 over trade and global growth since the June FOMC meeting characterized as having dimmed the outlook. By way of an update, the Chair just confirmed that things have gotten worse, said an analyst.<\/p>\n<p>His testimony came after the Fed opened the door to cutting rates at its previous monetary policy meeting in June.<\/p>\n<p>The Fed also released\u00a0its minutes\u00a0from the June policy meeting on Wednesday, which vowed the case for easier monetary policy has strengthened.<\/p>\n<p>Traders have narrowed in a 100% probability of a Fed rate cut in July, as per the CME Group\u2019s\u00a0FedWatch\u00a0tool. A stronger-than-expected June jobs report tempered expectations for a more aggressive easing.<\/p>\n<p>There has been little in the statement to imply what this means past the July meeting, but one can infer that any further softening in the data past July will likely mean more action from the Fed at subsequent meetings.<\/p>\n<p>In corporate news, Tesla shares was up more than 3% on news the company has told employees to\u00a0prepare for an increase in production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stocks soared to record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell made the case for easier monetary policy in the U.S. The\u00a0S&amp;P 500 was up 3,000 for a little while. whereas the\u00a0Nasdaq Composite\u00a0and\u00a0Dow Jones Industrial Average\u00a0also reached all-time highs. It would be safe to say that Powell has his dove hat on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[4137,4139,3534,4138],"class_list":["post-5788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","tag-fedwatch","tag-fomc","tag-jerome-powell","tag-rate-cuts"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S&amp;P 500 hits 3,000 for the first time as Fed chief speaks of a rate cut - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P 500 hits 3,000 for the first time as Fed chief speaks of a rate cut - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Stocks soared to record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell made the case for easier monetary policy in the U.S. The\u00a0S&amp;P 500 was up 3,000 for a little while. whereas the\u00a0Nasdaq Composite\u00a0and\u00a0Dow Jones Industrial Average\u00a0also reached all-time highs. It would be safe to say that Powell has his dove hat on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/\" \/>\n<meta property=\"og:site_name\" content=\"Finance Intellect\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-11T07:27:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-11T07:34:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/06\/mike-pompeo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Team Finance Intellect\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Team Finance Intellect\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/\"},\"author\":{\"name\":\"Team Finance Intellect\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/#\/schema\/person\/8b5a59fca13673b990c789631416f48e\"},\"headline\":\"S&#038;P 500 hits 3,000 for the first time as Fed chief speaks of a rate cut\",\"datePublished\":\"2019-07-11T07:27:27+00:00\",\"dateModified\":\"2019-07-11T07:34:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/\"},\"wordCount\":503,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/financeintellect.com\/wp-content\/uploads\/2019\/06\/mike-pompeo.jpg\",\"keywords\":[\"FedWatch\",\"FOMC\",\"jerome powell\",\"rate cuts\"],\"articleSection\":[\"Economy and Politics\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/\",\"url\":\"https:\/\/financeintellect.com\/home-page\/home\/sp-500-hits-3000-for-the-first-time-as-fed-chief-speak-of-a-rate-cut\/\",\"name\":\"S&P 500 hits 3,000 for the first time as Fed chief speaks of a rate cut - 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