SPX: S&P 500 Closes Above 5,600 for First Time as Stocks Stage Big Rally

Broad-based stock average is celebrating lowering inflation, bright rate cut prospects, AI adoption and elevated moods in general.

• The S&P 500 is on a roll. The broad-based Wall Street darling is logging record after record, riding on the longest streak of back-to-back records since 2021 — a whole six of them. Elevated moods have swept all corners of the stock market, leading to the index’s milestone event of 5,600 points. It’s the first time the S&P 500 has crossed and closed above that high-water mark after it jumped more than 1% on Wednesday and closed at 5,633.91.
• It didn’t go it alone. The Nasdaq Composite joined the record run with its own all-time high of 18,647.45. The tech-loaded equity benchmark soared 1.2% during the session with technology mainstays leading the charge. Chip giant Nvidia NVDA rallied 2.7%, followed by Apple’s AAPL 1.9% increase. The iPhone maker solidified its place as the world’s largest company, carrying a valuation of more than $3.5 trillion.
• Data releases ahead will either buoy stocks higher or knock the optimism out of them. The consumer price index, coming later today, is expected to show that price pressures eased to 3.1% in June, a decline from May’s 3.3%. The figure will help the Federal Reserve assess its next move, especially when it comes to interest rate cuts. A higher reading could push a cut deeper into 2024. And vice versa — a lower reading could speed it up.