Market Recap for Thursday, July 13th, 2017
The major indices were pretty quiet today, trading in the smallest range of the week.
Traders were looking to Fed Chair Janet Yellen for some direction, as she wrapped up her semiannual testimony on monetary policy. But Yellen really didn’t have anything new to say. She was asked about President Trump’s 3% growth goal and her response was that it would be “quite challenging”.
If there was a “takeaway” from Yellen’s testimony, it’s that traders are starting to question the Fed’s rate hike plans. Especially with inflation staying below the Fed’s target levels and fed funds futures showing less than a 50% probability of a rate hike in December.
In the end, stocks finished slightly higher. With today’s close, the DOW finished with a new record close and the S&P is just 7 points away from all-time highs.
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% gain. The S&P added 5 points and ended at 2,448.
- The DOW ended 0.1% higher. Up 21 points, the DOW closed at 21,553.
- The NASDAQ was up 0.2%. Adding 13 points, the NASDAQ finished at 6,274.
Crude Oil (CL) finished higher for the fourth day in a row. With a 1.3% gain, CL ended at $46.06 a barrel.
Tomorrow bank earnings will be in the spotlight, with Citi (C), JP Morgan (JPM), Wells Fargo (WFC) and PNC Financial (PNC) all reporting.
Looking at the economic calendar, here are tomorrow’s key reports: CPI Data and Retail Data at 8:30am ET, FOMC Member Kaplan Speaking at 9:30am ET, and Preliminary Consumer Sentiment at 10:00am ET.
This Week’s Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!