In today's update:
1) The S&P 500 and Nasdaq 100 hit new record highs after comments from Federal Reserve Chairman Jerome Powell left traders expecting a rate cut in July. The Dow Jones Industrial Average gained 76.71 or 0.29%, the S&P 500 added 13.44 or 0.45% while the Nasdaq 100 closed higher by 60.80 or 0.75% and the Russell 2000 finished higher by 2.46 or 0.16%.
2) Crude Oil Futures surged higher by $2.50 or 4.32% as major producers started evacuating rigs in the Gulf of Mexico ahead of an expected storm while Gold Futures spiked $19.70 or 1.41% on rate cut hopes. The Bond market traded slightly lower on Wednesday and the yield on the 10-year Treasury Note settled at 2.062%.
3) Shares of Boeing Co. (BA) have been under pressure since reaching its all-time high of $446.01 back on March 1st of this year. The company is scheduled to report earnings on July 24th, and since the 737 Max issues are likely to have a negative impact on their bottom line, this may be a great time to short the stock.