S&P 500 Hits Fresh Records – US Market Wrap
US stocks held onto some of their earlier gains as traders awaited more clues about the economy’s health following positive data on Thursday.
The S&P 500 increased 0.4%, closing at its 42nd record high of the year. The Nasdaq 100 gained 0.7%. The Bloomberg Dollar Spot Index declined. The 10-year US Treasury yield rose to about 3.79%.
Markets rose earlier after data showed a resilient US economy and China’s top leaders promised to support fiscal spending. US stock indexes were also boosted by Micron Technology, which provided a strong forecast aided by AI demand. On the other hand, news of the Justice Department’s investigation into Super Micro Computer – another beneficiary of the AI boom – pushed its stock lower.
Traders are now waiting for the next batch of catalysts, which could provide hints about the Federal Reserve’s future path. These include the US central bank’s preferred price metric and a consumer demand snapshot released on Friday.
Earlier, revised data showed that the US economy recovered from the pandemic better than expected. A drop in US unemployment claims highlighted the labor market’s resilience. However, investors who were expecting Fed Chair Jerome Powell’s commentary on Thursday received no details on the economic outlook or monetary policy path.