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S&P 500, Nasdaq Close at Fresh All-Time Highs Ahead of Fed Powell's Testimony at Capitol Hill | Wall Street Today

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Moomoo Recap US wrote a column · Jul 8 15:21
S&P 500, Nasdaq Close at Fresh All-Time Highs Ahead of Fed Powell's Testimony at Capitol Hill | Wall Street Today
The S&P 500 and Nasdaq closed at fresh all-time highs as traders awaited the Fed chair's testimony at Capitol Hill on Tuesday and Wednesday, the start of earnings season, and the June CPI data Thursday.
The $Nasdaq Composite Index (.IXIC.US)$ rose 0.28% to close at 18403.74, and the $S&P 500 Index (.SPX.US)$ gained 0.10%. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.08%, ending at 39,344.79.
MACRO
Jerome Powell will face pressure this week from lawmakers growing impatient for the Federal Reserve to cut interest rates and others who are unhappy with its latest plan to boost capital requirements for Wall Street lenders.
The Fed chair heads to Capitol Hill on Tuesday and Wednesday for his semiannual testimony, more than two years after he and his colleagues began hiking rates in a bid to curb surging inflation.
SECTORS
Oil fell as Hurricane Beryl looked less likely to pose major disruptions to crude infrastructure in Texas.
West Texas Intermediate slid 1% to settle near $82 a barrel after four straight weekly gains. Concerns that Hurricane Beryl would impede oil operations in the Gulf of Mexico and Texas helped drive up futures last week, but weakening product spreads indicate the storm has been less disruptive to infrastructure than expected.
MOOVERS
$Taiwan Semiconductor (TSM.US)$ Shares rose more than 1.4% Monday to a record high, and have soared nearly 85% this year. The company is now worth about $825 billion based on its share price on the Taiwan Stock Exchange. 
Shares of $AMC Entertainment (AMC.US)$ were climbing 8.3% on Monday, lifted by a busy July 4 weekend for the movie-theater chain.
$Paramount Global-B (PARA.US)$ stock was selling off on Monday while its bonds were rallying, after the company moved closer to finalizing Skydance Media’s buyout of the entertainment giant. The stock fell 5.3%.
$IDEAYA Biosciences (IDYA.US)$’s stock on Monday jumped 15.3% after the company said that it received positive results from the second phase of its monotherapy expansion dose to treat certain cancers.
$ServiceNow (NOW.US)$ stock was down almost 5% after the stock caught a downgrade to Sell over the weekend by an analyst who thinks the workflow-software company could lower guidance.
Source: CNBC, Bloomberg, MarketWatch
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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