The New York Stock Exchange in New York. --
“The labour market has been flashing warning signals over the past several months,” said Chris Senyek at Wolfe Research. “History suggests Powell is walking a very fine line on potentially waiting too long to start cutting rates before it’s too late.” The S&P 500 rose to 5,550. The Bloomberg “Magnificent Seven” gauge of megacaps climbed 1.1 per cent. The Russell 2000 of small firms was little changed. Meta Platforms Inc. jumped 10 per cent on a sales beat. Earnings from Apple Inc. and Amazon.com Inc. will be critical to give direction to the Nasdaq 100 after a volatile period.
Commodity trading advisers, or CTAs, cut their equity positions to a two-month low in July, according to Bank of America Corp. Those funds typically use a combination of price-trend signals and volatility to determine allocation. As the stock-market advance hit a snag, CTAs unwound their positions as well.
R1 RCM Inc. will be acquired by TowerBrook Capital Partners and Clayton, Dubilier & Rice for $8.9 billion in an all-cash deal.
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