Reported 7 months ago
U.S. stocks surged as investors await the Federal Reserve's June rate decision after the release of a May inflation report showing the slowest monthly advance in four years and a headline rate of 3.3%. Tesla shares soared with optimism over Elon Musk's pay deal and Cathie Wood's bold price target of $2,000 by 2029, while Caterpillar shares rose 1.6% due to a $20 billion buyback plan and increased dividend. Market indices hit record highs, with the S&P 500 up by 1.08% and the Nasdaq by 1.54%. Rate traders now anticipate a possible Fed rate cut in September given easing inflation towards the 2% target, as reflected in the CME Group's rising odds of a rate cut in September and December.
Source: YAHOO