Stock Market Today: S&P 500 ends above 5,400 for first time despite hawkish Fed

Investing.com -- The S&P 500 closed above 5,400 Wednesday as the Fed's outlook for fewer cuts were overshadow by data showing inflation cooled more than expected in May, stoking optimism that the disinflation trend remains intact.on Wednesday, but now sees just one rate cut for the year, as inflation is expected to trend higher than previously expected.

"The shifts in the projections of the Fed's SEP are more hawkish than we anticipated," Economists at Jefferies said in a Wednesday note following the decision.

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