With Wall Street focusing on new inflation statistics on Friday for guidance on when the Federal Reserve would start cutting interest rates, stocks edged higher on Thursday.
A 0.3% gain, or 95 points, was made to the Dow Jones Industrial Average. The Nasdaq Composite gained 0.3% and the S&P 500 gained 0.2%, respectively.
The market is anticipating the release of the Fed’s favoured inflation indicator, the personal consumption expenditures price index for May, which accounts for such moves.
Investors anticipate that the report would demonstrate a reduction in pricing pressure, which would strengthen the case for a rate cut by the Fed later this year.
Additionally, investors are considering if the artificial intelligence trade can support markets into the second half of this year or if the surge would need to expand. the S&P 500 is not expected to rise by even 1% by the end of the year.
Source (CNBC)
