Stock Market Today: Dow in record close as Powell acknowledges inflation progress

Investing.com -- The Dow closed at record highs Monday on increased bets for a September rate cut as Fed chief Jerome Powell said recent inflation data had added to confidence.Federal Reserve Chairman Jerome Powell said Monday that recent inflation readings had boosted the Fed's confidence on bringing down inflation, suggesting the Fed is moving closer to rate cuts.

The Fed doesn't expect to wait until inflation reaches the 2% target before cutting rates, and the Fed chief acknowledged that recent data inflation data has increased the Fed's confidence that it is making progress in the battle against inflation.Former President, and leading Republican president candidate, Donald Trump, was targeted in an attempted assassination attempt during a campaign rally in Butler, Pennsylvania, on Saturday.

Trump is now set to speak at the 2024 Republican convention in Milwaukee, where he is expected to be officially nominated as the party’s frontrunner for the presidential race.) surged 33% in recent trade as Trump's odds of winning the presidential race were boosted after the former president survived an assassination attempt.

As well as the upgrade from Loop Capital, signs that Apple's shift toward India is bearing fruit also boosted the stock as Bloomberg reported that Apple's annual revenue in the country jumped 33% to $8B in March 2024.) fell nearly 12% after the department store ended negotiations with Arkhouse and Brigade, which wanted to buy Macy’s for about $6.9 billion and take it private.

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