Reported 12 months ago
Federal Reserve Chairman Powell, during a central bank forum in Portugal, signaled a dovish stance which led to a surge in major US stock indices on Tuesday, with Tesla's stock price soaring by 10.2%. The S&P 500 index hit a new record high as Powell expressed satisfaction with the progress in inflation reduction over the past year but emphasized the need for more progress to initiate rate cuts. The dovish tone boosted the stock market with the S&P 500 rising by 0.7% and setting the 32nd closing high of the year, while the Nasdaq also reached a new peak with a 0.8% gain. Tesla's strong performance was driven by higher-than-expected second-quarter deliveries, and Apple's stock rose by 1.62% on reports of potential collaboration with OpenAI. Gold prices are expected to surpass $2400, with analysts warning of potential market misjudgment regarding the extent of Fed rate cuts.
Source: YAHOO