Powell Is Reassuring On Inflation Progress – US Market Wrap

Stocks rose as wild volatility calls failed to materialize after Donald Trump’s assassination attack bolstered his chances of taking over the White House. He tapped JD Vance as his running mate.

The S&P 500 ended the day close to its record highs. With a 31% increase, Trump Media & Technology Group, Rumble, a conservative video network, had a 21% increase. Trump’s increasing chances of winning benefited gun manufacturers, oil companies, and private prisons. His support of cryptocurrencies helped Bitcoin and associated businesses. Tesla Inc. cheered upon Elon Musk’s Trump endorsement. As Democrats are perceived as being more accommodative of the solar and marijuana industries, their stocks plummeted.

Vance, who is 39 years old and almost four decades younger than Trump, 78, provides new impetus to Republican attempts to increase their appeal to the working class, which used to be a pillar of the Democratic party in battleground states like Pennsylvania, Wisconsin, and Michigan. Based on Predictlt data, the likelihood of the presumed Republican candidate being elected to a second term rose following the shooting on Saturday.

Traders also kept a close eye on remarks from Jerome Powell, who said recent data has provided greater confidence that inflation is heading down to the 2% goal.

The S&P 500 rose to around 5,631. Megacaps were mixed. Apple bit a fresh peak after being named a top pick at Morgan Stanley. NVIDIA fell. The Russell 2000 of smaller firms added almost 2%. Goldman Sachs gained as a surge in profits outweighed plans to moderate the pace of buybacks. Macy’s tumbled after ending buyout talks.

US 30-year yields rose above the two-year for the first time since January on bets Trump would pursue an expansive fiscal policy if he wins the November election. The dollar edged up.