SPX: S&P 500 Hits All-Time High Ahead of Fed Meeting, Nasdaq Joins Record Land

Stocks leaped forward into record territory with investors showing optimism over Wednesday’s inflation data and Fed decision.

• The S&P 500 logged yet another record high riding on fresh optimism ahead of two major economic events. Traders will be on the edge of their seats Wednesday when the keenly-awaited inflation data for May and the Federal Reserve’s interest-rate decision shake the markets as they drop on the same day. To this end, the broad-based S&P 500 added 0.3% but it wasn’t the only index breathing the rarefied air of records.
• The Nasdaq Composite turned higher by 0.4% as technology shares lifted the benchmark to its 14th closing record of 2024. The day got progressively more interesting with two tech giants having their very special moments. Chipmaking heavyweight Nvidia NVDA executed a 10-for-1 stock split and iPhone maker Apple AAPL kicked off its annual developer conference and announced its gen AI “Apple Intelligence.”
• With no time to waste, investors are already eyeing Wednesday's key events. Inflation is projected to land at a 3.4% clip for May, in line with April’s pace. The Federal Reserve is likely to keep the interest rate steady at 5.50%. All of that is already baked into prices. What’s more interesting is Fed boss Jay Powell’s speech when he takes the podium for his press conference.