Stock indexes on Wall Street remained close to all-time highs on Wednesday, with a mostly subdued day of trading. The S&P 500 index rose 0.2%, the Dow Jones Industrial Average finished less than 0.1% higher, and the Nasdaq composite rose 0.5%.
Big stocks like Amazon.com and FedEx helped offset broader declines in the S&P 500. Amazon.com surpassed $2 trillion in market value for the first time, while FedEx reported results that beat forecasts, leading to a 15.5% gain in its stock.
Chipotle saw a 0.3% gain after a 50-for-1 stock split, and Rivian soared 23.2% following news of a $5 billion investment from Volkswagen. Technology giants like Apple and Microsoft also gained ground, influencing the market’s direction.
The focus this week is on the government’s latest inflation report, with the PCE index expected to show a slight easing to 2.6% in May. The Fed is working to tame inflation back to its 2% target, with the latest updates potentially influencing interest rate decisions.
In the bond market, Treasury yields were mixed, with hopes for a rate cut at the Fed’s September meeting. The economy remains strong but is showing signs of slowing growth, with consumers shifting spending to necessities. Wall Street is closely watching economic indicators for clues on potential rate cuts.
Overall, the market is in a waiting game for the latest inflation data and potential Fed actions, with investors looking for the right balance to support the economy while managing inflation pressures.
