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Markets today: Stocks up as Fed fuels bets rally will broaden out

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Stocks hovered near all-time highs as prospects for lower U.S. Federal Reserve rates rekindled speculation the bull market will broaden out of the high-flying technology space.

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Wall Street kicked off the week resuming a pattern of money rotating into small caps and out of the megacap “safety” after Jerome Powell signalled Friday the central bank will slash borrowing costs in September. U.S. inflation figures this week are expected to reinforce that outlook, with the Fed’s preferred measure of underlying inflation projected to come very close to the two per cent goal.

Fed Bank of Richmond President Thomas Barkin says he still sees upside risks for inflation, though he supports “dialing down” interest rates in the face of a cooling labour market. Orders placed with U.S. factories for business equipment declined in July and the prior month’s gain was revised lower, suggesting firms are more guarded about investment.

The S&P 500 rose 0.2 per cent. The Nasdaq 100 fell 0.2 per cent. The Russell 2000 Index climbed 0.7 per cent. The yield on 10-year Treasuries declined two basis points to 3.78 per cent. Oil advanced after an Israeli strike on Hezbollah targets in southern Lebanon raised tensions in the Middle East and Libya’s eastern government said it will halt exports.• U.S. personal income, spending, PCE; U. Michigan consumer sentiment, Friday• The British pound fell 0.1% to $1.3198• Germany’s 10-year yield was little changed at 2.23%• Spot gold rose 0.5% to $2,524.67 an ounce

 

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