Stock Market Today: Dow wraps up strong H1 as Apple closes above record $3T By Investing.com

last month, well below expectations for 0.6% and below the 0.4% from a month earlier. In the 12 months through May, PCE rose 3.8%, missing economists forecasts of 4.6%.

The slower pace of inflation may not be enough to stop the Fed hiking in July, Pantheon Macroeconomics says, if next month’s inflation data and monthly jobs report come in hot. “Our base case, though, is that these data will be on the softer side, so we think the chance of a further hike is about 40%,” it added. “And if they don’t hike in July, they’re probably done.”also eased worries that the Fed is likely to lean hawkish.The broader market melt-up was led by an Apple-infused charge in tech after iPhone maker closed above $3 trillion for the first time ever.

The move in Apple Inc comes at time when the “Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14,” Wedbush said, touting “mini supercycle” ahead for iPhone upgrades with the release of iPhone 15 expected later this year. Meta Platforms , meanwhile, jumped 3% after the UK closed its probe into the social media giant's sale of Giphy to Shuttershock.

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