Stocks hit all-time highs on hopes the Federal Reserve will cut interest rates to curb a jobs downturn, with traders gearing up for inflation data that will test the market’s conviction.
While most shares in the S&P 500 fell, the gauge rose amid gains in all big techs but Apple Inc. – which sank 1.5% after introducing its iPhone 17, including an already expected skinnier model. In late hours, Oracle Corp. surged after posting a huge jump in bookings.
A slide in bonds halted a four-day rally. Oil climbed after an Israeli attack in Qatar revived fears of an escalation of the conflict in the Middle East.
Subscribe to the Stock Movers Podcast on Apple, Spotify and other Podcast Platforms. In the wake of more data showing labor-market cooling, investors geared up for key inflation figures due in the next couple of days.
The reports will help set the tone for next week’s Fed meeting as well as the scope of easing through the end of 2025. And that will certainly determine whether Wall Street can extend this month’s gains.
“It is clear the economy is caught between a rock and a hard place – or more accurately, between a labor shock and a hot pace,” he said.
