Overnight stateside, the S&P 500 breached the 3,000 level for the first time, but pared gains to close 0.5% higher at 2,993.07. The Dow Jones Industrial Average climbed 76.71 points to finish its trading day on Wall Street at 26,860.20, while the Nasdaq Composite saw a record close at 8,202.53.
In testimony to the House Financial Services Committee, Fed Chair Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger.
“Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened,” Powell said in prepared remarks. “Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”
Markets still maintain a likelihood of the FOMC to cut rates when it next meets on July 30th and 31st.ï»¿
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.006 after slipping from levels above 97.5 yesterday.