Daily Market Commentary

July 9, 2024

Bonds & Stocks
Stocks hovered near all-time highs, with traders awaiting Jerome Powell’s testimony to Congress for clues on the Federal Reserve rate outlook. Equities kept grinding higher, defying concerns about an overstretched market, especially in the high-flying tech space. In fact, Nvidia Corp. led a rally in chipmakers while Intel Corp. rose for a fifth straight session.

US consumer borrowing increased in May by the most in three months, reflecting a jump in credit-card balances.

Total credit outstanding rose $11.4 billion after a revised $6.5 billion gain in April, according to Federal Reserve data released Monday. The median forecast in a Bloomberg survey of economists called for an $8.9 billion increase for May. The figures aren’t adjusted for inflation.

China Vanke Co. said it is expected to post a net loss of about 7 billion yuan ($962 million) to 9 billion yuan ($1.2 billion) in the first half amid a mixed picture in the country’s housing market. Its preliminary financial results had “material impact” from booking some development projects with costly land investments, the state-backed builder said in a stock exchange filing Tuesday.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.