✎ Contributed by Ty Griffin
Federal Reserve Chair Jerome Powell delivered a speech at the U.S. Monetary Policy Forum in New York, addressing concerns over recent trade tensions and their potential impact on the U.S. economy. Investors focused on his comments regarding inflation, interest rates, and economic growth.
Market Response
Major indices have experienced fluctuations following Powell’s remarks:
• S&P 500 Index: Currently at 5,744.09, down 0.59% today and down 5.77% over the past 30 days.
• Dow Jones Industrial Average: Trading at 42,450.00, down 0.17% today and down 4.50% over the past 30 days.
• Nasdaq Composite: At 18,160.78, declining 0.68% today and down 6.20% over the past 30 days.
Performance of the ‘Magnificent Seven’ Companies
• Apple Inc. (NASDAQ: AAPL): Trading at $238.97, up 1.55%.
• Microsoft Corporation (NASDAQ: MSFT): Trading at $388.05, down 2.23%.
• Amazon.com Inc. (NASDAQ: AMZN): Trading at $194.81, down 2.94%.
• Alphabet Inc. (NASDAQ: GOOGL): Trading at $171.10, down 0.72%.
• Meta Platforms Inc. (NASDAQ: META): Trading at $608.76, down 3.05%.
• NVIDIA Corp. (NASDAQ: NVDA): Trading at $109.75, down 0.75%.
• Tesla Inc. (NASDAQ: TSLA): Trading at $255.36, down 3.07%.
These leading technology companies, collectively known as the ‘Magnificent Seven,’ are experiencing varied stock performances amid ongoing market volatility.
Analyst Insights
Economists express concerns that ongoing trade tensions could lead to stagflation, characterized by rising inflation and stagnant economic growth. Powell emphasized the Federal Reserve’s commitment to monitoring these developments and adjusting monetary policy as necessary to sustain economic stability.
Outlook
Investors are advised to remain cautious, as geopolitical factors and trade policies continue to influence market dynamics. The Federal Reserve’s forthcoming policy decisions will be closely watched for indications of how it plans to navigate these challenges.
Federal Reserve Chair Jerome Powell Addresses Economic Outlook; Markets React
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