Stock Market Today-6/24:Relief Rally Defies Global Growth Concerns #Stock #Market #Today624Relief #Rally #Defies #Global #Growth #Concerns Welcome to JibGlobe, here is the new resources we have for you today:
U.S. equity futures moved higher again Friday, setting up Wall Street for its first weekly gain in a month, even as markets around the world continue to suggest that growth concerns have overtaken inflation worries heading into the second half of the year.
Federal Reserve Chairman Jerome Powell told Congressional lawmakers on Capitol Hill yesterday that he and his colleagues “can’t fail” in their effort to bring inflation back to the 2% level needed for price stability in the world’s biggest economy, a reiteration that points to more Fed rate hikes and slower economic growth.
“We really need to restore price stability,” Powell told the House Financial Services Committee. “Because without that we’re not going to be able to have a sustained period of maximum employment where the benefits are spread very widely. It’s something that we need to do, we must do.”
Commodity prices, which have been weakening for much of the past two weeks, extended declines in overnight trading, with Copper — closely-watched barometer of manufacturing demand — on pace for its worst week in more than two years and oil prices hovering near the lowest levels since early May.
Bond yields are rallying, as well, pulling benchmark 10-year Treasury bond yields dipped to 3.119% in overnight trading, putting the spread against 2-year notes at just 6 basis point. A so-called inversion of the yields of 2-year and 10-year notes is typically seen as a signal of near-term recession following weaker-than-expected PMI data from major economies around the world.