DOW JONES INDUSTRIAL AVERAGE BREACHES ALL-TIME HIGHS ON TEPID MONDAY
- Dow Jones taps a new record high despite thin volumes.
- Moves in equities remain limited as investors recover from Fed splurge.
- Key US inflation data looms large at the end of the week.
The Dow Jones Industrial Average (DJIA) slipped higher to test a new record high of 41,419.65 on Monday, but investors are still recovering from last Friday’s surge after the Federal Reserve (Fed) all but confirmed that a new rate-cutting cycle would kick off in September.
US Durable Goods Orders helped to keep physical production stocks bid on Monday despite a general decline in the usual darling tech sector. US Durable Goods Order in July rallied a surprising 9.9% MoM, well above the forecast 4.0% and entirely reversing the previous month’s revised -6.9% contraction.
Despite the upswing on Durable Goods Orders, some trepidation remains; excluding Transportation spending, Durable Goods Orders actually contracted -0.2% MoM, worse than the forecast 0.0% and the previous month’s tepid 0.1%, which was revised down from 0.5%.
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