Market Overview
Powell's remarks on potential rate cuts without needing inflation to drop below 2% have strengthened market bets on a September rate cut, leading to gains in both US and European stocks and bonds.
$.SPX.US$ crossed 5600 points for the first time in history. Major tech stocks drove a late surge in US equities, with the main indices closing over 1% higher. The S&P has risen for seven consecutive days, the longest streak this year, while both the S&P and $NASDAQ.US$ reached record highs for at least six consecutive days. Multiple tech and chip stocks reached new highs, with $TSLA.US$ gaining for eleven straight days, totaling over 44%. $NVDA.US$ rose 2.7%, nearing its all-time high, while $TSM.US$ , $AAPL.US$ , and $GOOGL.US$ also reached new highs. $BIDU.US$ climbed another 2.7%, and $XPEV.US$ surged 7.5%.
The pound hit a one-month high. Oil prices halted their three-day decline. Gold and silver saw significant gains intraday before paring back.
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