U.S. Equities rose toward all-time highs, Gold rallied and the US Dollar fell as comments by Jerome Powell cemented market bets for an Interest Rrate cut this month. Treasuries were mixed. Equities that had slumped since Friday’s strong jobs report rallied back to intraday records after the Fed chairman signalled a willingness to lower rates, citing a slowing global economy and trade issues. Minutes from the Fed’s June meeting confirmed an inclination among officials to cut rates soon. Gains faded as Powell testified to Congress, with financial shares leading the pullback. The S&P 500 briefly topped 3,000 for the first time. Overnight, Asian stocks climbed alongside U.S. Equity Futures after comments by Federal Reserve Chairman Jerome Powell cemented market bets for a rate cut this month. As I go to press both the NASDAQ and S&P Futures Markets are now trading at new all-time highs.
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