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- US indices closed marginally higher on the day, boosted by expectations of a Fed rate cut later this month.
- Energy stocks (XLE) led the way higher as oil rallied more than 4%; Financials (XLF) brought up the rear.
- Fed Chairman Powell struck a dovish note in his semi-annual testimony to Congress, citing the risk that weak inflation will be even more persistent and that uncertainties continue to dim the Fed’s outlook. Separately, the minutes from the June FOMC minutes confirmed his message, noting that “many” officials saw risks weighted to the downside and a stronger case for cutting interest rates.
- Stocks on the move:
- MSC Industrial Direct (MSM) dropped 3.8% after missing profit and revenue expectations, though the company did boost its dividend by nearly 20%
- T-Mobile US (TMUS) gained 4.7% on news that it would become a member of the S&P 500.
- Levi Strauss (LEVI) shed nearly 12% after reporting declining earnings after the close yesterday.
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