#equities

#equities

US household net worth climbed to a record $176.29 trillion in the second quarter, according to data released Thursday by the Federal Reserve. That's an increase of $7.3 trillion from the first quarter of this year - and about $46 trillion more than in the final quarter of 2019, before the pandemic upended the economy. The surge was largely driven by Wall Street's continued rally.

Mid-cap and small-cap indexes outperformed, while the technology-heavy Nasdaq slipped as investors took profits from this year's strong run in artificial intelligence-related stocks. The Fed remains the central focus. Powell acknowledged that inflation remains a challenge but also highlighted weakening signs in the labor market. He noted that interest rates are currently at restrictive levels, and the balance of risks may be shifting toward employment. His comments raised expectations that the Fed could begin lowering rates soon.

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