Stocks (once again) moved higher overnight, with the S&P 500 and Nasdaq both hitting intraday record highs with support from technology and growth stocks.
The rally in tech returned after Federal Reserve Chair Jerome Powell reiterated that interest rate cuts were coming later in the year, a statement that has been repeated ad nauseum for over a month now, but investors treated as “new” news
Equities as investors eased bullish bets on big tech just a day ahead of Federal Reserve chairman Jerome Powell testimony before Congress that could provide potential fresh clues on monetary policy.
U.S. stock indices retreated from their recent all-time highs, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average declining by 0.12%, 0.41%, and 0.25% respectively
Equities scaled records high while Treasury yields fell sharply on Friday after weak U.S. economic data and comments from Federal Reserve officials bolstered expectations for interest rate cuts later this year.
The Nasdaq on Thursday closed at record highs for the first time since 2021, as the artificial-intelligence-led rally continued and an in-line inflation report boosted hopes of a summer interest rate cut.
Stocks ahead of a key inflation reading that could heavily shape expectations for the timing of an interest rate cut from the Federal Reserve.
Stocks as dip buyers helped tech cut some losses and better-than-expected quarterly results from retailers, Macy’s and Lowe’s pushed consumer discretionary stocks higher.
Stocks eased back from the AI fueled rally as investors mulled ongoing quarterly earnings from corporate America and awaited further catalysts including the release of key inflation data later this week.
Stocks eked out another closing record high on Friday, with all three Wall Street benchmarks scoring weekly gains, as artificial intelligence stocks had enough steam to keep the rally chugging along.
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