S&P 500 Eyes Record; Fed Rate Cut Looms Amid Job Concerns

The S&P 500 is inching toward an unprecedented high, propelled by a significant uplift in UnitedHealth shares, even as a downward revision in payroll statistics fuels anticipation of an imminent interest rate cut by the Federal Reserve to spur economic progress.

The U.S. government disclosed a drastic job shortfall with 911,000 fewer positions reported over 12 months leading to March, hinting at pre-existing labor market strains before the onset of President Trump's tariffs. Financial markets are hinting at a 25 basis point rate cut during the Fed's next policy meeting, with a minor possibility of a more aggressive 50 basis point cut.

Reacting to mixed trends in tech stocks and commodities, sectoral performance moves varied as investors eye key inflation data amid tariff tensions. Nebius achieved a 53% surge following a substantial contract with Microsoft, contrasting falls from tech giants like Apple and chipmaker Broadcom.