Day Traders Diary

7/10/19

The S&P 500 rose 0.5%, briefly surpassing 3000 for the first time after Fed Chair Powell made dovish comments regarding a rate cut at the end of July. The Dow Jones rose 76 points closing in on 27,000. The Nasdaq rose 60 points to 8202, now up 24% year to date.

Fed Chair Powell took to Capitol Hill for his semiannual testimony on monetary policy. His prepared remarks pointed to at least a 25-basis point rate cut this month.

Among the sectors, energy rose the most up 1.4% let by bullish inventory data and supply disruption in the Gulf of Mexico. The financials, the industrials and materials were the only sectors that finished lower.