|Day's Range||2,789.24 - 2,814.19|
|52 Week Range||2,417.35 - 2,872.87|
Yahoo Finance's Seana Smith and Jared Blikre on the biggest headlines moving the markets in midday trading Tuesday.
President Trump is set to meet members of Congress today, as the backlash grows over his comments at a summit with Vladimir Putin. The President said he believed Putin’s denials, over the assessment of US intelligence agencies. Yahoo Finance’s Alexis Christoforous, Editor-in-Chief Andy Serwer and Melody Hahm discuss.
Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough. Japan's Nikkei leapt 1 percent as a weakening yen promised to fatten exporters' profits. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent and Shanghai blue chips 0.6 percent.
Japan's Nikkei leapt 1 percent as a weakening yen promised to fatten exporters' profits. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent and Shanghai blue chips 0.6 percent. Federal Reserve Chairman Jerome Powell stuck with an upbeat assessment on the U.S. economy while downplaying the impact of global trade risks on the outlook for rate rises.
U.S. stocks rose Tuesday following Federal Reserve Chairman Jerome Powell’s Senate testimony, while investors also continued dissecting the latest round of corporate earnings results. The S&P 500 rose 11.12 points, or 0.4%, to 2809.55, and the technology-focused Nasdaq Composite climbed 49.40 points, or 0.6%, to 7855.12. Mr. Powell told Congress that strong economic growth and stable inflation should keep the central bank on track to gradually raise short-term interest rates.
As tech companies continue to dominate Wall Street, with four now standing alone with valuations of more than $800 billion, gigantic growth is priced in and expected. All the drama is in the forecasts.
The Trump administration has surprised markets when it comes to trade disputes and tariff announcements. Analysts are looking at metrics, including approval ratings for U.S. President Donald Trump and stock market performance, as indicators for whether or not trade tensions will ease. From the tariffs on steel and aluminum imports in March to July's list of $200 billion in Chinese goods that may be targeted by new American levies, the U.S. administration's trade policies have repeatedly caught markets off guard.
Asian shares followed Wall Street higher on Wednesday as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifted Tokyo shares to a one-month top and sent gold to a one-year trough. Japan's Nikkei (.N225) leapt out of the blocks with a 1 percent gain as a weakening yen promised to fatten exporters' profits. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.16 percent and South Korea's market (.KS11) 0.85 percent.
An inverted yield curve may not be a dreaded harbinger of doom for the bull market, according to Ryan Detrick, senior market strategist at LPL Research, who believes that stocks have awhile to go before worrying about unseemly yield curves or even a recession. An inverted yield curve, where long-term yields such as the 10-year Treasury yield drop below their shorter-term peers, symbolizes a lack of confidence in the economy. It has also emerged as a closely watched early warning signal for economic trouble, particularly in the wake of research from the San Francisco Federal Reserve that every U.S. recession in the past 60 years was preceded by an inverted yield curve.
U.S. corporations are warning that currency fluctuations are pressuring their results, raising a red flag for investors heading into the thick of the second-quarter earnings season. Roughly half of the first 23 S&P 500 companies that posted results for the latest quarter as of Friday said currency swings either had a negative impact on earnings or revenue or were expected to become a problem in coming months, according to John Butters, senior earnings analyst at FactSet. Among those issuing such warnings were cruise-ship company Carnival Corp., computer giant Oracle Corp. and aftermarket auto-parts retailer AutoZone Inc.