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Stocks - Techs Rise as Investors Wait for Fed Boss to Speak

July 09, 2019 / Investing.Com

Stocks offered up a day of gains for many tech stocks and a lot of waiting for Jerome Powell. Powell, chairman of the Federal Reserve Board, will start two days of testimony before Congress on Wednesday, and what everyone wants is a sense of whether the Fed really will cut interest rates this month. As a result, the S&P 500 finished the day up 0.1%. The Dow Jones industrials were off 0.1%, and the Nasdaq rose a semi-healthy 0.5%. The issue for the S&P 500 and the Dow was that a lot of big stocks that had hit recent highs were pulling back, including Verizon Communications (NYSE:VZ), Procter & Gamble Company (NYSE:PG), and Coca-Cola Company (NYSE:KO). But big tech had a good day with gains for Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Google parent Alphabet (NASDAQ:GOOGL) and Facebook (NASDAQ:FB).