News Formal

Stock market today: S&P 500, Nasdaq hit fresh highs as stocks head into holiday with a bang

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 26 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 63%

Nasdaq Composite News

Nasdaq,Economic Data,S&P 500

Investors looked to fresh economic data for pointers on rate cuts as they got set for the July 4th closure.

Stocks ended Wednesday's holiday-shortened session on a high note with both the S&P 500 and Nasdaq notching fresh records following weak economic data that fueled investor optimism for a September rate cut. The S&P 500 rose about 0.5% to hit a new high of 5,537 after the benchmark ended Tuesday above 5,500 for the first time. The tech-heavy Nasdaq Composite also moved higher, finishing the day up around 0.9%, while the Dow Jones Industrial Average dropped roughly 0.1%.

Weak economic data released Wednesday cemented hopes for an interest-rate cut after the US services sector contracted in June at the fastest pace in four years. Meanwhile, private-sector job creation slowed for a third straight month with the US adding just 150,000 new jobs in June, below the 165,000 Wall Street had expected. Pay gains for both job stayers and job changers also slowed. Traders are now pricing in 74% odds of a move lower in September, according to CME's FedWatch tool.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: S&P 500, Nasdaq hover near records as Nvidia becomes most valuable stockTechs are continuing to lead an AI-driven rally that investors simply can't afford to miss out on.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq eye fresh records as Powell notes inflation progressInvestors cautiously weighed the rate-cut odds ahead of crucial June jobs data, with Powell comments on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq hover near record highs after retail sales missTechs are continuing to lead an AI-driven rally that investors simply can't afford to miss out on.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq hover near record highs ahead of retail sales dataTechs are continuing to lead an AI-driven rally that investors simply can't afford to miss out on.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq hold near record highs as Wall Street gets bullishWall Street wondered if the bull rally that has roared through 2024 has more room to run.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: S&P 500, Nasdaq futures steady near record highs as Wall Street gets bullishWall Street wondered if the bull rally that has roared through 2024 has more room to run.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »