The S&P 500 Index surpassed the 3,000 level for the first time ever as Federal Reserve Chair Powell’smonetary policy testimony to Congress further bolstered the case for a rate cut late this month, U.S.-China trade headlines leaned cautious, and the market seemed to ignore the lack of progress on a deal to raise the debt ceiling and avoid spending cuts.
- Energy (+2.2%) outperformed as the price of oil rose +4.8% on better inventory data, Hurricane Barry impact, and Middle East tensions
- Consumer discretionary (+2.1%) outperformed with strength in apparel and accessories and select retail stocks including Amazon (+3.5%)
- Information technology (+1.5%) outperformed with strength in memory, and semiconductor equipment companies
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