The Dow Jones Industrial Average and S&P 500 closed at record highs on Monday.
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Investors closely watch Federal Reserve speakers and key inflation data for clues on the likelihood of another significant rate cut. The Dow rose more than 0.1% after closing at an all-time high on Friday.
The S&P 500 edged up more than 0.2% to finish at its own record, and the Nasdaq Composite climbed 0.1%.
The #StockMarket made new highs for the first time in 2 months after the #FederalReserve cut interest rates and economic data remained strong.
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— TradeStation (@TradeStation) September 23, 2024
Friday’s reading on the PCE index, the Fed’s preferred inflation gauge, and Thursday’s second quarter GDP print will be crucial in determining if the Fed will proceed with another 0.5% cut this year.
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Fed officials provided additional policy insights Monday morning, with some expressing support for larger rate cuts due to progress on inflation and a cooling job market. Tesla’s stock rose due to investor optimism ahead of the electric vehicle maker’s Robotaxi Day in October.
Record highs drive market gains
Intel saw its shares jump following reports of a possible significant investment by Apollo Global Management. House Republicans moved to avert a government shutdown, potentially defying former President Donald Trump’s position. Bank of America announced plans to open 165 branches by the end of 2026 as part of a broader trend among big banks to expand their physical presence.
Microsoft received a rare downgrade from D.A. Davidson due to concerns over its reliance on Nvidia for AI infrastructure, with competition catching up. Trump Media & Technology Group’s stock dropped another 6% as the company’s lock-up period expired, leading to significant sales by stakeholders. The economic data calendar was light on Monday but picks up significantly in the coming days, with a handful of housing market indicators and the Fed’s preferred measure of inflation set to be released.
Gold prices were up slightly on Monday, hitting another record high around $2,650, amid optimism that the Fed will continue cutting rates. Bitcoin was down slightly at around $63,300.
