Shares of power producers posted gains after fresh economic data reaffirmed investors' belief that the Federal Reserve could begin cutting interest rates in September. The central bank has tried to balance slowing economic growth to curb inflation while keeping momentum going enough to avoid a recession.
Utilities investors will watch for possible heat-related outages during the week ahead and any weather-related disruptions from what is expected to be an active hurricane season. Hurricane Beryl is setting records as it churns across the Caribbean with wind gusts as much as 200 miles per hour, making it the strongest Atlantic hurricane ever to form this early in the season.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
07-03-24 1635ET
