⚠️BREAKING: *S&P 500, NASDAQ CLOSE AT 13-MONTH HIGHS AS U.S. STOCKS RALLY AHEAD OF INFLATION DATA, FED DECISION $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
), the S&P 500 has now recovered over 20% from its October 2022 lows. Some investors say Wall Street is the midst of a bull market.
The U.S. Labor Department's consumer price index reading on Tuesday is expected to show inflation cooled slightly in May, with core prices likely remaining sticky. Tuesday is also first day of the Fed's two-day meeting. "There's a chance that the Fed will stay data dependent. So we don't necessarily think that a rate hike is off the table in the future, but for the near term we just see them staying steady," said Dylan Kremer, co-chief investment officer of Certuity.
The rally has recently widened to include more economically sensitive sectors such as energy and industrials, as well as small-cap stocks, as data continues to show a resilient U.S. economy despite higher interest rates.
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