Market Surge: Tech Stocks Propel Indexes to Highs Amid Fed Speculation
On Thursday, the S&P 500 and Nasdaq neared record highs driven by President Trump's frustration with the Federal Reserve's interest rate stance. Market anticipation of a July rate cut rose, while mixed economic data highlighted the impact of imports on the U.S. economy, with copper prices surging.
The S&P 500 and Nasdaq moved towards record levels on Thursday, spurred by President Trump's mounting frustration with the Federal Reserve's approach to interest rates. This led to increased investor speculation over potential monetary policy easing.
A report from the Wall Street Journal highlighted Trump's consideration of replacing Federal Reserve Chair Jerome Powell earlier than planned. A growing number of traders are betting on a possible rate cut as early as July, with odds jumping significantly in just a week.
While economic data painted a mixed picture, with GDP contracting more than expected, optimism in the markets persisted. The influence of tariffs seemed to have less impact on inflation than anticipated, fueling arguments for a fall rate cut, as seen in recent stock gains across various sectors.
(With inputs from agencies.)
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