• How do Fed officials view the current inflation trends?
• What caused the decline in chip stocks on Wednesday?
• What made Prime Day 2024 notable for Amazon?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
41,097.64(-0.24%)
5,598.89(+0.19%)
18,100.62(+0.58%)
Opening price as of 07/18/2024 compared to last close
IN THE HEADLINES
Fed Nears Interest Rate Decision as Officials Signal Potential Cuts
Federal Reserve officials are signaling a possible interest rate cut in September, citing improved inflation trends and a balanced labor market. Fed Governor Christopher Waller and New York Fed President John Williams highlighted a nearing shift towards looser monetary policy, while Richmond Fed President Thomas Barkin expressed optimism regarding declining inflation. While a rate cut is off the table for the July meeting, financial markets anticipate reductions starting in September and continuing through the end of 2024. Fed officials, including Waller and Williams, observe recent progress towards disinflation and believe achieving a "soft landing" by reducing inflation without triggering a recession is feasible. Read more
Chip Stocks Plunge on Potential China Restrictions
The stock market rally paused on Wednesday as tech stocks, including ASML and Nvidia, experienced significant declines. This followed reports that the Biden administration is considering stricter trade restrictions on China's access to semiconductor products. Additionally, comments from former President Donald Trump regarding Taiwan Semiconductor contributed to negative market reactions. Despite these setbacks, the Dow Jones Industrial Average continued to rise, supported by ongoing investor optimism about potential Federal Reserve rate cuts. The small-cap Russell 2000 also posted strong gains recently, driven by expectations of more aggressive monetary policy easing. Read more
Amazon Announces Record-Breaking Sales for 2024 Prime Day Event
Prime Day 2024 set new sales records for Amazon, with Prime members worldwide seizing millions of deals across more than 35 categories. The event surpassed all previous benchmarks, fueled by Rufus, Amazon's AI-powered shopping assistant, which streamlined navigation through Amazon’s vast array of offerings, greatly enhancing the shopping experience. Prime memberships surged significantly, with millions of new sign-ups globally eager to access Prime benefits such as discounts on Amazon devices, subscriptions, and grocery deliveries. The event also promoted environmental sustainability through consolidated shipments, reducing carbon emissions. Read more
TradeUP TIDBITS
June 2024 Jobs Report: Insights into the Economy's Labor Market
In June 2024, U.S. employers added 206,000 jobs, slightly surpassing forecasts yet lower than May's 218,000. Unemployment ticked up to 4.1%, its first rise since November 2021, indicating a tightening labor market. Robust wage growth at 3.9% annually suggests cooling job creation, prompting expectations of Federal Reserve rate cuts in September amidst easing inflationary pressures. Read the Full Article
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