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S&P 500, Nasdaq post all-time closing highs ahead of CPI, Fed decision
US Stock Market
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S&P 500, Nasdaq post all-time closing highs ahead of CPI, Fed decision

| @indiablooms | 12 Jun 2024, 11:41 am

New York/IBNS: The S&P 500 and Nasdaq rose on Tuesday (June 11) to end at all-time highs, reversing early losses as investors prepared for upcoming inflation data and the United States Federal Reserve's policy meeting, reports said.

According to reports, benchmark Treasury yields extended their decline ahead of the Labour Department's Consumer Price Index (CPI) report.

Apple shares helped put the tech-heavy Nasdaq out front, while the blue-chip Dow Jones Industrial Average ended lower, while the S&P 500 also turned green as Fed policy makers convened for their two-day policy meeting, reports Reuters.

As per reports, while investors expect no change to the Fed funds target rate, the Federal Open Markets Committee (FOMC) is expected to release its Summary of Economic Projections, which should help illuminate the central bank's forward policy path.

The data-reliant Fed will watch whether the CPI data due early Wednesday (June 12) shows, as expected, that inflation was still meandering down toward the central bank's 2 percent annual target, as reported by Reuters.

The report follows Friday's hotter-than-expected US wage growth numbers, reports said.

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