The S&P 500 technology index jumped 1.7% and also posted a record closing high
The S&P 500 and Nasdaq registered record closing highs for a second consecutive day on Tuesday, helped by a gain of over 7% in Apple while investors also awaited consumer prices data and a policy announcement from the Fed.
Apple shares climbed 7.3% to a record-high close and gave the S&P 500 and Nasdaq their biggest boosts after the stock dropped in the previous session.
At its annual developer event that started on Monday, Apple unveiled new AI features meant to increase the appeal of its devices, including an improved Siri virtual assistant that can answer a wider range of queries and accomplish more complicated tasks than earlier.
The S&P 500 technology index jumped 1.7% and also posted a record closing high.
The CPI report will be released before the bell on Wednesday, and the U.S. central bank’s policy announcement is due later the same day.
The central bank is likely to leave interest rates unchanged but will release its updated economic projections and “dot plot,” which shows where policymakers expect interest rates to stand this year and longer-term.
Everybody is feeling uneasy, but the data and actions consumers are taking continue to point toward resiliency, and that tends to be overall fairly bullish, according to Oliver Pursche, senior VP and adviser for Wealthspire Advisors, Connecticut.
The DJI dropped 120.62 points, or 0.31%, to 38,747.42, the S&P 500 added 14.53 points, or 0.27%, to 5,375.32 and the Nasdaq Composite gained 151.02 points, or 0.88%, to 17,343.55.
Friday’s U.S. monthly jobs report was stronger than expected. Markets have pared back expectations for the Federal Reserve’s first rate cut taking place in September, now pricing in nearly a 50% probability, as per the CME’s FedWatch tool.
