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The S&P 500 Reaching New Records Amid Mixed Economic Expectations

Today's market analysis on behalf of Antonio Ernesto Di Giacomo - Market Analyst Latam at


July 9, 2024 ( Newswire) This Monday, the S&P 500 continued its streak of records, closing at historic highs for the fourth consecutive session. This phenomenon occurs despite cautious sentiments ahead of Federal Reserve Chairman Jerome Powell's testimony and the release of critical inflation data this week. The S&P 500 rose more than 0.30% from the Asian market opening, pushing the price to a new record high of 5,590.00 points.

Jerome Powell, Chairman of the Federal Reserve, will testify before Congress this week, primarily focusing on monetary policy. Last week, Powell indicated that although the Federal Reserve has made progress in reducing inflation, there is still not enough confidence to cut interest rates. This stance was supported by the June Federal Reserve meeting minutes, which suggest continued caution in rate decisions.

The labor market is also under scrutiny, with weaker-than-expected labor data raising hopes of a cooling in the job market. Such cooling could influence the Federal Reserve's decision to cut interest rates. However, inflation remains the determining factor for the central bank. Attention is now focused on the Consumer Price Index (CPI), which will be released on Thursday.

Expectations for the CPI are modest but significant. The index is expected to rise 0.1% month-over-month (June) and 3.1% year-over-year (June). On the other hand, the core CPI, which excludes volatile food and energy prices, is expected to increase by 0.2% (June). These data will be crucial in assessing the pace of inflation and its implications for future monetary policy.

In conclusion, while the S&P 500 continues to set records, the market remains attentive to economic developments and Federal Reserve statements. Powell's testimony and the upcoming inflation data will play a crucial role in the future direction of monetary policy. With a mixed economic outlook, investors should closely monitor these key indicators to understand potential market trends better.

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