Stock Market Today: S&P500 in record close as weaker data stoke rate-cut bets

Investing.com-- The S&P 500 notched another record close Wednesday, in a holiday-shortened session as a slew of weaker economic data boosted hopes for sooner rate cuts, a day ahead of the July 4 holiday.The main Wall Street indices are set for a shortened trading day on Wednesday ahead of Thursday's Independence Day holiday, and come off strong gains on Tuesday after Federal Reserve Chair Jerome Powell flagged some progress in cooling inflation.

Elsewhere on the economic front, data showing U.S. factory orders unexpected fell and U.S. services activity fell into contraction pointing to a slowing economic, stoking hopes of sooner rate cuts.Market participants see a 68% chance of the first rate cut in September, up from 58% last week, according to Investing.

reported that crude stocks fell by 12.2M barrels in the week ended Jun. 28, trouncing expectations for a draw of about 400,000 barrels.On the political front, President Joe Biden is reportedly considering dropping out the presidential race against former President Donald Trump should concerns about his candidacy persist following a shaky performance in the recent presidential debate.

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