Stock market today: S&P 500, Nasdaq close at record highs as Powell touts inflation progress
What did the S&P 500 and Nasdaq close at recently?
The S&P 500 and Nasdaq recently closed at record highs, with the S&P 500 adding more than 0.6% to close at 5,509, marking the index's first-ever close above 5,500. The tech-filled Nasdaq Composite also notched a record close as it gained more than 0.8% to close at 18,028.
How did Jerome Powell describe the current economic path?
Federal Reserve Chair Jerome Powell described the current economic path as disinflationary, with inflation slowing after higher readings earlier this year. He noted that more evidence is needed before the Fed would cut interest rates and emphasized the importance of ensuring that inflation is sustainably moving toward the 2% target.
What did the new job openings data from May reveal?
The new job openings data from May revealed an unexpected increase in job openings, with 8.14 million jobs available at the end of the month, up from 7.92 million in April. This indicates continued resilience in the US labor market despite concerns over recent softer data and rising interest rates.