Stock market today: S&P 500 and Nasdaq close at record highs ahead of Fed meeting, May inflation report

Jun 10, 2024
  • US stocks started the week with gains as the S&P 500 and Nasdaq hit record highs.
  • The all-time highs come ahead of the May inflation report and the Fed’s two-day FOMC Meeting.
  • Apple revealed its AI roadmap at WWDC. The stock fell 2% in the session. 

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US stocks climbed to kick the week, with the S&P 500 and Nasdaq 100 closing at record highs.

The gain comes ahead of a busy week for stocks. On Tuesday, the Federal Reserve will begin its two-day policy meeting, which will conclude with its latest decision on interest rates on Wednesday afternoon. Earlier that day, investors will digest the May consumer price index report, which will set the tone for markets as investors head into the summer months.

Economists expect Core CPI to have risen 0.3% month over month last month. The data will help inform investors about when the Fed might start cutting interest rates. Markets are eyeing the first cut in September, though that forecast could change depending on the latest inflation figures.

Morningstar market strategist Dave Sekera said Fed Chairman Jerome Powell will “acknowledge that the rate of economic growth is slowing, but not necessarily to the point that it’s all that concerning.”

“And I don’t expect to hear any commentary surrounding the timing of when the Fed will cut the federal funds rate. So, really, the July meeting will be much more important and will be one where we’re listening for a lot more indications of the Fed looking to start cutting rates in September,” Sekera said.

Meanwhile, Apple unveiled its AI roadmap for the iPhone and the rest of its devices at its WWDC event on Monday.

While Apple stock fell almost 2% following the presentation, Wedbush analyst Dan Ives was impressed.

“Apple is taking the right path to implement AI across its ecosystem while laying out the foundation for the company’s multi-year AI strategy across the strongest installed base of 2.2 billion iOS devices over the coming years,” Ives said in a note on Monday.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Monday:

Here’s what else happened today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil rose 3.11% to $77.88 a barrel. Brent crude, the international benchmark, was higher by 2.74% to $81.80 a barrel.
  • Gold edged higher by 0.17% to $2,329.00 per ounce.
  • The 10-year Treasury yield jumped three basis points to 4.47%.
  • Bitcoin rose 0.03% to $69,663.

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