The S&P 500 ended lower as investors weighed whether the US Federal Reserve might pause interest rate hikes at its upcoming policy meeting, while Apple shares briefly hit a record high before losing ground $AAPL
The S&P 500 on Friday closed at its highest level in over nine months after aFollowing a stronger-than-expected earnings season and expectations the Fed could pause its aggressive monetary tightening cycle, the S&P 500 is up nearly 20% from its closing low in October, lifted by gains in heavyweight tech stocks including Apple, Nvidia and Microsoft CorpReinforcing expectations the Fed could pause its rate hikes, a survey from the Institute for Supply Managementthe U.S.
"That bad news is good news in terms of the Fed. The bad news, meaning weak economic reports, is actually good news because it makes it more likely the Fed will pause its series of interest rate hikes, believing they have begun to do their trick bringing inflation down," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.
Traders have priced in a nearly 80% chance that the Fed will hold interest rates at its June 13-14 policy meeting, according to CME Group's FedWatch tool, although they expect another hike in July. Les traders travaillent à la Bourse de New York. /Photo prise le 30 mai 2023/REUTERS/Brendan McDermidThe Nasdaq declined 0.09% to 13,229.43 points, while Dow Jones Industrial Average declined 0.59% to 33,562.86 points.
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