Nvidia and Super Micro extend gains as S&P 500 flirts with record

Brian Jacobsen, chief economist at Annex Wealth Management, said, “Yields fell, the dollar weakened, and break evens rose, all suggesting that a puppet of the White House in the seat of the Chair could be bad for inflation.”  

He noted that policy decisions would still rest with the broader committee, which could keep any new chair in check if needed. 

Current Fed Chair Jerome Powell has stated that the central bank will monitor the economic impact of tariffs before adjusting interest rates.  

Trump continues to push for rate cuts and has repeatedly criticised Powell. Two Trump-appointed Fed officials have suggested they would support cuts as early as the July meeting. 

Gold prices also rose, with the August contract up US$4.90 to US$3,348.00 an ounce. Crude oil gained 32 cents to US$65.24 per barrel.