NEW YORK: All three major indexes posted record closing highs on Friday as firm expectations for an interest-rate cut from the Federal Reserve continued to propel shares while investors awaited next week's kickoff of the corporate earnings season.
With expectations for rate cuts in place, the focus is turning to the corporate earnings season as large U.S. banks, including Citigroup Inc and JPMorgan Chase & Co , are set to report next week. Data for U.S. producer prices in June showed the smallest annual increase in producer inflation in nearly 2-1/2 years and a slowdown in underlying producer prices, which suggested that overall inflation could remain moderate for a while.
Illumina Inc shares tumbled 16.1per cent, the most among S&P 500 companies, after the gene sequencing company's preliminary second-quarter revenue came in below analyst estimates.
Source: Loan Digest (loandigest.net)
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