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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



S&P 500, Nasdaq close at record highs before data, Fed comments.

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The S&P 500 and Nasdaq closed at new highs on Monday as technology companies rose on artificial intelligence euphoria ahead of this week’s economic data and Federal Reserve speeches that could illuminate monetary policy.
Mega caps Apple and Microsoft recovered from early losses to end 1.97% and 1.31% higher, respectively.
Apple shares continued their surge from last week after announcing new AI features to boost iPhone sales.

J. Bryant Evans, an investment advisor and portfolio manager at Champaign-based Cozad Asset Management, stated that AI continues to be the driving force behind this.
After brokerage price-target rises, Broadcom and U.S.-listed Taiwan Semiconductor Manufacturing Co. climbed 5.41% and 2.74%, respectively, while Micron Technology rose 4.58%.
Nvidia (NVDA.O), a leader in artificial intelligence chips, fell 0.66% while the Philadelphia SE Semiconductor Index reached an all-time high.
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Consumer discretionary and technology were the biggest gainers among the 11 S&P 500 sector indexes, while utilities and real estate led falls.
“There is hope that lower interest rates might come into play looking forward, reducing housing costs and helping consumers out,” said Evans.
Goldman Sachs boosted its 2024 S&P 500 Index (.SPX) year-end target to 5,600 from 5,200, while Evercore ISI raised it to 6,000 from 4,750.
Both brokerages upgraded due to technology strength and AI enthusiasm.
Tech-heavy Nasdaq (.IXIC) opens a new tab and S&P 500 achieved multiple all-time peaks last week.
If his economic projection holds, Philadelphia Fed President Patrick Harker indicated Monday that the Fed will drop its benchmark interest rate once this year.
Later Monday, Fed Board Governor Lisa Cook will speak.

Industrial production, housing starts, and the S&P flash Purchasing Managers’ Index follow May retail sales data on Tuesday.
In honor of Juneteenth, markets will be closed Wednesday.
On Wednesday, the Fed left interest rates unchanged and delayed rate reductions until December.
According to LSEG statistics, markets estimate two 25-basis-point drops this year. CME FedWatch predicts easing at the September meeting.

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