Stock market today: S&P 500, Nasdaq eke out fresh records with Powell on deck
How did the S&P 500 and Nasdaq Composite perform on Monday?
The S&P 500 and Nasdaq Composite both closed at record highs on Monday, with the S&P 500 adding 0.1% and the Nasdaq Composite rising 0.3%. The Dow Jones Industrial Average, however, erased earlier session gains to slip 0.1%.
What prompted the bets on a September rate cut from the Federal Reserve?
The bets on a September rate cut from the Federal Reserve were prompted by a continued cooling in the labor market, as signaled by the jobs report. This led to an influx of bets, with about 3 in 4 traders expecting a cut in September, according to the CME FedWatch tool.
What are the expected inflation rates according to the latest Consumer Price Index?
The latest Consumer Price Index (CPI) is expected to show that inflation rose 3.1% over the year, down from a 3.3% annual increase in May. This would match the lows where the CPI started the year. Core inflation, which excludes food and energy prices, is expected to have stayed at a 3.4% annual increase, the same as in May.