Previous close | 5,346.99 |
Open | 5,341.22 |
Volume |
Day's range | 5,331.52 - 5,365.79 |
52-week range | 4,103.78 - 5,375.08 |
Avg. volume | 3,911,752,698 |
The largest stocks in the S&P 500 have seen the biggest gains in 2024 as the group has shown stronger earnings growth and a resilience to higher interest rates.
The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) both recorded new record highs at Monday's market close, getting a good start to an eventful week: the Federal Reserve's June FOMC meeting is adjourning and May's CPI (Consumer Price Index) print will be released on Wednesday, June 12. Yahoo Finance Markets Reporter Josh Schafer comes on Asking for a Trend to break down the biggest market themes from the trading day, including Apple's (AAPL) headlining unveil of its "Apple Intelligence" initiative at its Worldwide Developers Conference (WWDC). For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Luke Carberry Mogan.
The NFIB Optimism Index and the Consumer Price Index, key economic data, are set to be released ahead of the Federal Reserve's interest rate decision. Crossmark Global Investments chief market strategist Victoria Fernandez joins Market Domination to discuss the state of inflation and when the next interest rate could be initiated. Fernandez explains that despite conflicting economic data causing some volatility, "it all boils down to the fact that the market believes the Fed put is in play." With four central banks starting to cut rates, the market is anticipating a cut from the Fed, allowing momentum to continue despite mixed reports. She believes that a rate cut could come in December: "The Fed, I think, is much more nervous about cutting too soon and stoking inflation, making it even stickier than what we've been seeing, than they are of a recession that could potentially come with rates staying higher." She notes that when there have been rate cuts historically, the market will pull back and that investors should be cautious in their portfolio positioning in the meantime. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Melanie Riehl