NEW YORK — Most stocks are ticking higher as Wall Street approaches its recently set records. The S&P 500 was up 0.4% in early trading, coming off its sixth winning month in the last seven. The Dow Jones Industrial Average edged up 34 points, and the Nasdaq composite rose 0.7%. Nvidia rose another 4%. GameStop soared 64% in a move reminiscent of its rocket ride that shook Wall Street three years ago.
Boston Beer declined almost 11% before the bell after Japanese beverage giant Suntory reportedly denied that it was in talks to buy the maker of Sam Adams. Media reports that a deal was in the works sent Boston Beer rocketing up 22% on Friday. The Fed's benchmark lending rate is at a two-decade high after the central bank started cranking up rates in March of 2022 to battle the soaring inflation that took hold during the pandemic rebound. Fed officials have left its benchmark rate alone at its last six meetings because inflation has not yet settled at its 2% target. Investors had been hoping for multiple rate cuts this year, but are largely now betting on just one, likely toward the end of the year.
India’s Sensex surged 3.2% to 76,304.58 after the country’s 6-week-long national election came to an end with most exit polls projecting that Prime Minister Narendra Modi will extend his decade in power with a third consecutive term.
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