The Big Boys were Flexing Their Muscles Today :: Market Minute :: July 10th

Pat Walker of MissionWinners.com provided a market update for July 10th, highlighting a strong day for major indices with all rising over 1%. The S&P 500 notably closed above 5,600 for the first time. Despite these gains, trading volume was light as investors await the June Consumer Price Index report and the start of earnings season. Mega-cap and semiconductor stocks led the rally, with the tech sector showing particular strength. Bank stocks also performed well, suggesting optimism about upcoming earnings reports. All 11 S&P 500 sectors closed in positive territory, though gains ranged from 1.6% in tech to 0.4% in financials.

The update touched on Federal Reserve Chairman Powell's testimony on Capitol Hill and noted movements in the bond market, including a dip in the 10-year yield. Looking ahead, Walker emphasized the importance of upcoming economic data releases, including the June CPI, jobless claims, and Treasury budget. He concluded by highlighting the year-to-date performance of major indices, with the Nasdaq leading at 24.2% growth, followed by the S&P 500 at 18.1%. Walker stressed the importance of considering both daily market movements and broader economic trends to understand the full market picture.

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