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Inflation Cools In May, Fed Hints At Slower Pace Of Rate Cuts, Stocks Hit New Record Highs: This Week In The Market

In a week filled with market anticipation due to the release of May inflation data and the Federal Reserve Open Market Committee meeting on the same day, Wall Street demonstrated remarkable resilience, navigating these pivotal tests with confidence. The S&P 500 and Nasdaq 100 indices both achieved record highs on four consecutive days, driven by the advance of tech titans such as Apple Inc. (NASDAQ:AAPL), Nvidia Corp. (NASDAQ:NVDA) and Microsoft Corp. (NYSE:MSFT). Despite Federal Reserve Chairman Jerome Powell‘s emphasis on the need for higher confidence on inflation and the Fed’s updated median projections indicating only one interest rate cut in 2024, investors are increasingly hopeful that rate cuts will begin in ...