The\u00a0S&P 500\u00a0and Nasdaq closed at record highs on Monday as investors await key inflation data to provide further clues about whether this year\u2019s market rally is sustainable. Earnings from some major financial giants and consumer companies are also on the docket.<\/p>\n
The broad market index ended the day up 0.1% at 5,572.85, while the\u00a0Nasdaq Composite\u00a0advanced 0.28% to 18,403.74. The\u00a0Dow Jones Industrial Average\u00a0finished 31 points lower, or 0.08%, at 39,344.79.<\/p>\n
The S&P 500 is coming off its fourth positive week in the last five amid ongoing optimism that easing inflation \u2014 and any pockets of weakness in the economy \u2014 could lead to a Federal Reserve interest rate cut.<\/p>\n
The June consumer price index, which will be released Thursday, could bolster those hopes if the headline number shows a slight improvement. Producer price index data will be released Friday.<\/p>\n
Last week, labor data reflected a slightly cooling jobs market, spurring expectations of a rate cut. Although the\u00a0U.S. economy added more jobs in June\u00a0than anticipated, there was also an unexpected rise in the unemployment rate, to 4.1% from 4%. Traders are\u00a0currently expecting\u00a0two interest rate cuts in 2024, with the first in September, according to the\u00a0CME FedWatch Tool.<\/p>\n
\u201cWe believe the fundamental backdrop remains supportive for equities, driven by solid economic and earnings growth, interest rate cuts, and rising investment in AI,\u201d UBS strategist Vincent Heaney wrote in a Monday note.<\/p>\n
PepsiCo\u00a0and\u00a0Delta Air Lines\u00a0are set to post results on Thursday. Then, a slew of major banks, including\u00a0Citigroup\u00a0and\u00a0JPMorgan Chase, will kick off second-quarter earnings season on Friday.<\/p>\n<\/p>\n
The\u00a0S&P 500\u00a0and Nasdaq closed at record highs on Monday as investors await key inflation data to provide further clues about whether this year\u2019s market rally is sustainable. Earnings from some major financial giants and consumer companies are also on the docket. The broad market index ended the day up 0.1% at 5,572.85, while the\u00a0Nasdaq Composite\u00a0advanced […]<\/p>\n","protected":false},"author":0,"featured_media":5920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=5939"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/5939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/5920"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=5939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=5939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=5939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}