Traders see a 76% chance of the central bank holding rates at the 5%-5.25% range on Wednesday, while pricing in a 71% chance of a rate hike in July, according to the CME Fedwatch tool. Tuesday is also first day of the Fed's two-day meeting. Labor Department's consumer price index reading on Tuesday is expected to show inflation cooled slightly in May, with core prices likely remaining sticky. Of the 11 S&P 500 sector indexes, eight rose, led by information technology (.SPLRCT), up 2.07%, followed by a 1.74% gain in consumer discretionary (.SPLRCD). The Nasdaq gained 1.53% to 13,461.92 points, while Dow Jones Industrial Average rose 0.56% to 34,066.33 points. The S&P 500 climbed 0.93% to end the session at 4,338.93 points. Tesla rose 2.2% and has now climbed for 12 straight trading sessions, a record for the electric car maker.Īpple and Microsoft each rose about 1.5%, with year-to-date gains in the two technology companies' shares reaching 41% and 38%, respectively. Have investors become more complacent? They probably have, and that's actually a good sign," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma., "The further out the October lows get in the rear view mirror, the more confident investors become. Some investors say Wall Street is the midst of a bull market.
Lifted by gains in market heavyweights Amazon (AMZN.O), Apple (AAPL.O) and Tesla (TSLA.O), the S&P 500 has now recovered 21% from its October 2022 lows. June 12 (Reuters) - The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022, while Oracle hit a record high ahead of quarterly results as investors awaited inflation data and the Federal Reserve's interest rate decision this week.
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