- U.S. stocks started the week higher, with the S&P 500 and Nasdaq hitting new all-time highs.
- The record high was recorded ahead of May’s inflation report and the Fed’s two-day FOMC meeting.
- Apple unveiled its AI roadmap at WWDC. Shares fell 2% during the session.
U.S. stocks rose to start the week, with the S&P 500 and Nasdaq 100 closing at all-time highs.
The gains come ahead of a busy week for stocks. On Tuesday, the Federal Reserve kicks off a two-day policy meeting that will conclude with its latest decision on interest rates on Wednesday afternoon. Earlier in the day, investors will digest the May Consumer Price Index report, which will determine the market’s direction as investors head into the summer.
Economists expect core CPI to have risen 0.3% from the previous month. The data will help inform investors on when the Fed will start cutting interest rates. Markets are focused on a first rate cut in September, but this forecast could change depending on the latest inflation numbers.
Dave Sekera, market strategist at Morningstar, said Fed Chairman Jerome Powell “will acknowledge that economic growth is slowing, but not necessarily enough to be of great concern.”
“We also don’t expect to hear any comments on when the Fed will cut the federal funds rate, so the July meeting is actually much more important and we will be listening for further indications that the Fed is considering starting to cut rates in September,” Sekera said.
Meanwhile, Apple unveiled its AI roadmap for iPhones and other its devices at its WWDC event on Monday.
Although Apple’s shares fell nearly 2% after the presentation, Wedbush analyst Dan Ives was impressed.
“Apple is on the right path to implement AI across its ecosystem, laying the foundation for the company’s multi-year AI strategy across its most powerful installed base of 2.2 billion iOS devices over the next few years,” Ives said in a note on Monday.
As of the close of trading at 4pm on Monday, U.S. stock indexes were as follows:
Here’s something else that happened today:
Commodities, Bonds and Cryptocurrencies:
- West Texas Intermediate crude rose 3.11% to $77.88 a barrel, while the international benchmark Brent crude rose 2.74% to $81.80 a barrel.
- Gold rose 0.17% to $2,329.00 per ounce.
- The yield on the 10-year Treasury note rose 3 basis points to 4.47%.
- Bitcoin rose 0.03% to $69,663.
