Traders work on the floor of the New York Stock Exchange.
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the Standard & Poor's 500 Gold prices hovered near a fresh record high on Monday even as investors awaited key inflation data for more clues on whether this year’s market rally is sustainable. Investors also awaited earnings from some financial giants and major consumer companies.
The broad market index rose 0.01% after hitting an all-time high, while Nasdaq Composite Up 0.2%. Dow Jones Industrial Average The company's stock fell by about 88 points, or 0.2%. Intel Corporation And Boeing Technology stocks rose 5% and 3%, respectively, leading the Dow higher.
The S&P 500 is coming off its fourth positive week in the last five amid continued optimism that easing inflation — and any pockets of weakness in the economy — could lead to interest rate cuts by the Federal Reserve.
The June consumer price index, due out on Thursday, could boost those hopes if the headline figure shows a slight improvement. Producer price index data is due out on Friday.
Last week, labor data reflected a slight slowdown in the labor market, sparking expectations of a rate cut. Although the U.S. economy added more jobs in June than expected, there was also an unexpected rise in the unemployment rate, to 4.1% from 4%. Traders are now pricing in two rate cuts in 2024, the first in September, according to the CME FedWatch tool.
“We believe the fundamental backdrop remains supportive for equities, driven by strong economic and earnings growth, lower interest rates, and increased investment in artificial intelligence,” UBS strategist Vincent Henney wrote in a note on Monday.
PepsiCo And Delta Air Lines The banks are due to release their results on Thursday. A group of major banks, including City Group And J.P. Morgan ChaseApple will kick off its second-quarter earnings season on Friday.
