Investors reflected on the Fed's inflation remarks
The Dow and Nasdaq added triple digits on Tuesday, while the S&P 500 marked its first close above the 5,500 level. Investors reflected on Fed Chair Jerome Powell's inflation remarks, which suggested the country is making progress, though the central bank is not yet ready to cut rates. Treasury yields cooled off alongside Nvidia (NVDA), while Apple (AAPL) climbed to a fresh record high.
Continue reading for more on today's market, including:
- Analysts chimed in on 2 cloud stocks.
- 3 potential solar buys for your portfolio.
- Plus, construction stocks making noise; streaming name catches a break; and recapping the first half of 2024.
5 Things to Know Today
- The Food and Drug Administration (FDA) gave the green light to Eli Lilly's (LLY) Alzheimer's drug donanemab. (CNBC)
- The Federal Trade Commission (FTC) barred Tempur Sealy's (TPR) $4 billion acquisition of Mattress Firm, citing competition concerns. (MarketWatch)
- 2 construction stocks downgraded on risk/reward ratio.
- This streaming giant is enjoying continued M&A whispers.
- Catching up with the S&P 500 at 2024's halfway mark.
There were no earnings of note today
Oil Prices Dip Despite Incoming Hurricane
Despite the looming U.S. holiday and a potential production shutdown due to incoming Hurricane Beryl, oil prices settled lower. August-dated West Intermediate (WTI) crude dropped 57 cents, or 0.7%, to settle at $82.81 per barrel.
Powell's inflation comments sent gold futures slightly lower on Tuesday, with investors eyeing this week's jobs data as well. August-dated gold was last seen down 0.2%, at $2,335.30 an ounce.