Reported 12 months ago
US stocks rose as traders welcomed new inflation data showing a cooling trend in May, with the PCE inflation easing to 2.6%, its lowest in three years. The optimistic outlook for rate cuts was fueled by this data, with investors expecting the Fed to hold interest rates steady in July but bullish on rate cuts by the end of 2024. The market is poised to end the first half of the year strong, despite concerns about the breadth of the rally and recent tech stock fluctuations.
Source: YAHOO