Stocks drifted to a mixed close overall on Wall Street, but the S&P 500 and Nasdaq composite still managed to notch more record highs
Stocks drifted to a mixed close overall on Wall Street Tuesday, but the Standard & Poor's 500 and Nasdaq composite still managed to notch more record highs. The subdued trading came ahead of a key inflation report and the Federal Reserve's latest interest rate policy decision on Wednesday. The S&P 500 rose 14.53 points, or 0.3%, to 5,375.32, driven largely by gains in tech stocks, even though more stocks fell than rose within the index. The tech-heavy Nasdaq composite rose 151.
When Fed officials released their last projections in March, they indicated the typical member foresaw roughly three cuts to interest rates in 2024. That projection will almost certainly fall this time around. Data on the economy have come in mixed recently, and traders are hoping for a slowdown that stops short of a recession and is just right in magnitude. A cooldown would put less upward pressure on inflation, which could encourage the Fed to cut rates.
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