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Nasdaq Pops as Investors Remain Optimistic
US stocks traded mixed today, with the S&P 500 holding near its record high as investors weighed the two-way pull of cooling inflation and a Federal Reserve pullback on interest rate cuts. The S&P 500 edged up 0.3% after the benchmark topped 5,400 to close at a fresh all-time high. Meanwhile, the Nasdaq Composite popped 0.6%, setting a record of its own, as tech stocks led the broader charge higher. However, the Dow Jones Industrial Average headed lower, down 0.3%.
Key Market-Moving Events
Inflation and Fed Outlook: Despite a lower-than-expected consumer inflation print, investors remained unfazed by the Fed’s outlook for rates. Policymakers shifted from three rate cuts this year to just one, but Chair Jerome Powell reminded everyone that the projection isn’t set in stone. Traders are still pricing in two rate cuts starting in September.
Tesla Shareholders’ Vote: Tesla’s shareholders voted on whether to approve a $56 billion pay package for CEO Elon Musk. Musk confirmed that the compensation and the EV maker’s move to Texas have been passed “by wide margins.” Tesla stock jumped almost 5% after his comments.
Broadcom’s Rally: A jump in Broadcom (AVGO) shares lifted market spirits. The chipmaker, a key supplier to Apple (AAPL), is on track for its biggest gain since 2020 after upbeat results boosted by AI demand.
Conclusion
Today’s market saw a mix of optimism and caution, with tech stocks leading the way. Keep an eye on further developments as the Fed’s stance and corporate decisions continue to shape investor sentiment.
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