TLDR

MARKET RECAP → Stocks climbed on Tuesday after Federal Reserve Chair Jerome Powell acknowledged progress on inflation but emphasized that the central bank is not yet ready to cut rates.

EUROZONE INFLATION UPDATE → 📈 Eurozone inflation hit 2.6% in June 2024, up from 2.4% in May, driven by rising food and service prices, hinting at a cautious stance from the European Central Bank on interest rates​.

TREASURY YIELDS TAKE CENTER STAGE →📊 Investors saw U.S. Treasury yields rise as Powell’s hawkish tone hinted no rate cuts soon, sending stocks and futures on a rollercoaster.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Eurozone Inflation Update

📈 Inflation Edges Up: Eurozone inflation reached 2.6% in June 2024, slightly higher than May's 2.4%. This was a modest increase but enough to stir the economic pot, keeping analysts on their toes​.

 🍞 Food and Services Drive Costs: Key contributors to the inflation uptick included food, alcohol, tobacco, and services. These categories saw the highest price rises, indicating consumers felt the pinch more acutely at the grocery store and in service-related expenses​.

🏦 Interest Rate Implications: The persistent inflation rate suggested that the European Central Bank might maintain its cautious stance on interest rate adjustments. This indicated a watchful approach to ensure inflation didn't spiral while keeping an eye on economic stability​

TODAY’S TOP NEWS

Treasury Yields Take Center Stage

📈 Yields on the Rise: Investors watched U.S. Treasury yields increase, influenced by economic data and Federal Reserve Chair Jerome Powell's hawkish stance on interest rates. The 10-year note climbed to 4.125%, signaling market expectations of higher rates ahead.

📉 Powell's Impact: Powell's recent remarks suggested no immediate rate cuts, reinforcing the Fed's commitment to controlling inflation. This stance drove short-term yields up, reflecting cautious investor sentiment.

📊 Market Reactions: The rise in yields affected stock market dynamics, with futures dipping and investors reassessing their strategies. The interplay between economic indicators and Fed policy continued to shape market movements.

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