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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Stock Market Today: Nasdaq clinches all-time high close as tech reigns supremeStock Market Today: Nasdaq clinches all-time high close as tech reigns supreme
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Stock market today: Asian shares advance ahead of U.S. inflation reportAsian shares have advanced as traders look ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates. U.S. futures were mixed and oil prices rose. In Japan, the government reported industrial output was higher than expected and the unemployment rate stayed at 2.6% in May.
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Stock market today: Asian shares advance ahead of U.S. inflation reportAsian shares have advanced as traders look ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates.
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Stock market today: Asian shares advance ahead of U.S. inflation reportAsian shares have advanced as traders look ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates.
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Stock Market Today: S&P 500 ekes out win as Micron slump weighs; inflation eyedStock Market Today: S&P 500 ekes out win as Micron slump weighs; inflation eyed
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Stock market today: World shares are mostly lower ahead of a key US inflation reportShares have fallen in most world markets ahead of a key U.S. inflation report due Friday.
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