S&P 500, Nasdaq 100 Set New Record Close
US stocks closed higher on Tuesday, with the S&P 500 and Nasdaq 100 hitting record closes, each up 0.3%, while the Dow Jones rose 200 points, despite signs of a slowing economy.
Investors digested revised labor data showing the US added 911,000 fewer jobs than previously estimated in the year through March, the largest downward revision since 2002. The weaker jobs outlook has strengthened expectations for a Federal Reserve rate cut next week, with debate focusing on the size of the reduction.
Energy led sector gains, while materials lagged. Among megacaps, Meta (+1.8%) and Alphabet (+1.1%) advanced, while Apple slipped 1.5% after unveiling its iPhone 17 lineup, raising questions about demand sustainability. Attention now turns to this week’s PPI and CPI reports, which will be closely watched for indications of Fed policy direction.
Source: Trading Economics