After reaching a new all-time high to close out the last trading day in March, the S&P 500 eased off as stronger-than-expected manufacturing data released by the Institute of Supply Management on Monday signalled an upbeat U.S. economy. The positive news, which came as a surprise to some investors, could lead the U.S. Federal Reserve to delay a widely expected June rate cut. This tug-of-war between U.S. equities and U.S. inflationary data continued for much of the first quarter.
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