Wall Street liked what it heard from Fed Chair Jerome Powell today
The Fed meeting gave Wall Street a much-needed shot in the arm today. After Fed Chair Jerome Powell's comments about "a reduction in our policy rate could be on the table as soon as the next meeting in September," stocks took off to session highs, with the Dow adding 99 points to secure its best monthly performance of the year. The S&P 500 and tech-heavy Nasdaq logged their best single-session gain since February, but only the former was able to secure a win for July.
Continue reading for more on today's market, including:
- 3 gold stocks to watch as Fed fatigue cools.
- Uber enters the electric vehicle fray.
- Plus, chip stocks soar; Boeing back on track; and HIMS' latest 'buy' signal.
5 Things to Know Today
- The IRS' cryptocurrency regulation is getting clearer. (MarketWatch)
- V.P. Kamala Harris is tightening former President Donald Trump's lead in swing states. (Bloomberg)
- 2 chip stocks making big post-earnings moves.
- Is Boeing stock finally ready to roar?
- A lot to like about Hims & Hers Health stock.
Oil Bounces Back With Best Day Since October
After a fifth-straight drop in weekly supply numbers and the assassination of a Hamas leader, oil prices roared higher, logging their best daily percentage gain since October 13. September-dated West Texas crude added $3.18, or 4.3%, to settle at $77.91 a barrel. For the month though, black gold gave back 4.5%.
Gold futures also rose, as the safe-haven asset responded favorably to the reduced Fed fatigue. For the session, August-dated gold futures added $21.10, or 0.9%, to settle at $2,473 per ounce, a new record. For the month, gold added 5.7%