Reported 12 months ago
Federal Reserve Chair Jerome Powell's comments on the 'disinflationary path' of recent economic data led to a rally in the US stock market, with the S&P 500 closing above 5,500 for the first time and the Nasdaq reaching a record high. Investors were also optimistic about job openings increasing unexpectedly in May. Meanwhile, sectors like Consumer Discretionary and Tesla saw gains, while concerns arose about Hurricane Beryl affecting oil prices and the housing market showing continued strength despite rising inventory. RBC Capital Markets raised its S&P 500 year-end target, anticipating potential growth in the second half of 2024.
Source: YAHOO