Stocks enter shortened trading week near record highs: What to know this week

) popped nearly 1.5%. The S&P 500 ended the week above 5,400 for the first time ever. The Nasdaq and S&P 500 both closed at record highs for four straight days. Meanwhile, the Dow Jones Industrial Average wasEconomists believe all this points to a positive reading of the Fed's preferred inflation gauge within the Personal Consumption Expenditures index later this month.

He added, "An easing cycle that begins in September remains a possibility, particularly if shelter inflation were to moderate further in the next couple of months."Inflation is declining and economic growth slowing, but the Fed sees just one interest rate cut this year. A growing number of Wall Street economists are nervous the central bank may be walking too fine of a line with its most restrictive interest rate policy in more than two decades.

"At the end of the day, unemployment is up and core inflation is down," Dutta wrote. "The policy implication of that is clear ... Time to get on with it and stick the landing."A key reading on how consumers are holding up amid higher rates is expected on Tuesday with the monthly retail sales report for May.

Blake Lively attended the Book Bonanza event for It Ends With Us in Grapevine, Texas, at the Gaylord Texan Resort and Convention Center.Former President Donald Trump left some of the country’s most powerful CEOs scratching their heads, cringing, or just outright laughing during a private meeting in the nation’s capital on Thursday.

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