Fresh All-Time Highs and Powell Says Hi | Herd on Wall Street
Morning traders, happy Tuesday, July 9th. The market watched Federal Reserve Chair Jerome Powell comment before the Senate about macroeconomics while the Nasdaq and S&P 500 hit fresh all-time highs Tuesday morning.
My name is Kevin Travers, and here are stories from the moomoo herd on Wall Street today.
Shares of $NVIDIA (NVDA.US)$ rose 3.7%, the highest on the Nasdaq 100 during Tuesday's session after Keybanc analyst John Vinh maintained NVIDIA with an Overweight and raised the price target from $130 to $180. Vinh also increased a price target on $Micron Technology (MU.US)$ from $160 to $165, which climbed 2.2%.
$Helen Of Troy (HELE.US)$ fell 30% after the firm reduced its full-year outlook as the company recorded lower-than-expected fiscal first-quarter results amid weak consumer demand.
Thursday, earnings season begins with $Delta Air Lines (DAL.US)$ followed by $JPMorgan (JPM.US)$ reporting on Friday, the traditional banking giant-led start of each new earnings season.
In industries tracked by moomoo, data center stocks were climbing high, led by $GDS Holdings (GDS.US)$ a Chinese data center firm, and of course, Nvidia.
Crude oil futures sagged just 0.06% Tuesday, before an OPEC+ report Wednesday. Bitcoin climbed 1.11% to $57k, Gold fell while silver climbed, and both the U.S. 2-year and U.S. 10-year treasury yields climbed.
As a general recap, the market was declining overall, while the S&P 500 and Nasdaq hit all time highs
Shortly before 11 am EST, the $S&P 500 Index (.SPX.US)$ climbed 0.19%, the $Dow Jones Industrial Average (.DJI.US)$ was falling 0.21%, and the $Nasdaq Composite Index (.IXIC.US)$ reached fresh highs as well, up just 0.31%.
Overall 4000 equities climbed, while 6100 fell.
In macroeconomics this week, investors can watch for CPI data on Thursday, expected at 3.1% and Core at 3.4%. PPI comes out Friday, expected at 0.2% core. Federal Reserve Chair Jerome Powell said he would like more data supporting rate cuts, but the Fed is keeping its options open.
He said raising rates was not going to be the Fed's first option and that the labor market has cooled considerably this year so far.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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