Traders work on the trading floor of the New York Stock Exchange.
New York Stock Exchange
this S&P 500 Index The index surged to a record on Wednesday as investors looked ahead to key U.S. inflation reports.
The broader market index rose 0.4%, reaching a record high, exceeding 5,600 points. The index was also on track to gain for a seventh consecutive day. this Nasdaq Index It rose 0.5% and also hit a record high. this Dow Jones Industrial Average An increase of 111 points, or 0.2%.
Artificial intelligence favorites Nvidia A 2% rise helped boost chipmakers such as AMD and Broadcom higher. shares apple Slightly increased by 1% after overtaking Microsoft as the most valuable company.
The June consumer price index report is scheduled for release on Thursday. Economists surveyed by Dow Jones expected a quarterly increase of 0.1% and an annual increase of 3.1%. Core CPI, which excludes energy and food prices, is expected to rise 0.2% from the previous quarter and 3.4% from the same period last year. Producer price index is due to be released on Friday.
Thierry Wizman, global FX and rates strategist at Macquarie, wrote on Wednesday: “So far this week, equity traders have been willing to ignore or ignore the recent slowdown in indicators of U.S. and overseas economic activity. Evidence-related downside risks. “Instead, stock indexes have generally risen on the expectation that the Fed (and other central banks) will begin or continue to lower policy rates this year, bringing in new liquidity. “
The Nasdaq and S&P 500 hit new closing highs after Federal Reserve Chairman Jerome Powell warned on Tuesday that keeping interest rates high for a long time could hinder economic growth.
“Reducing policy restrictions too late or too little could unduly weaken economic activity and employment,” Powell said in his semiannual address to Congress on Tuesday before the Senate Banking Committee. On Wednesday, he continued to testify before the House Financial Services Committee. “More good data will strengthen our confidence that inflation is continuing to move toward 2%,” Powell added.
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