Wall Street closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.
July 12 - Wall Street closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.second-quarter profitrallied for a third straight day, gaining 1.
Analysts expect second-quarter earnings for S&P 500 firms to jump 9.6%, with strong growth from technology companies but declining earnings in real estate, industrials and materials, LSEG IBES data showed. "The thematic appeal of the AI story is still very much there," said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte, North Carolina. "We just need to see an inflection in earnings growth coming from the rest of the market, and that's something that we're going to be watching for quite intently over the next couple weeks."were slightly hotter-than-expected in June but that did little to change bets on the first rate cut in September.
Traders are betting on a 94% chance of a rate cut by September, up from 78% a week ago, according to CME Group's FedWatch.Volume on U.S. exchanges was relatively light, with 11.3 billion shares traded, compared to an average of 11.6 billion shares over the previous 20 sessions.Reporting by Noel Randewich in Oakland, Calif. and Medha Singh and Ankika Biswas in Bengaluru; Editing by Saumyadeb Chakrabarty, Pooja Desai and Richard ChangPressure on Joe Biden to step out of the U.S.
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