The first session of the week in which attention turns to US inflation data for May – which will be released on Tuesday – and to the Federal Reserve (Fed) meeting the next day, Wall Street ended higher with two major indexes at their highest levels since April from last year.
The Dow Jones advanced 0.56% to 34,066.33 points, the highest level since last February. The S&P 500 rose 0.93% to close at 4,338.93 points, the highest level since April 2022. But the glow of technology was felt most clearly in the Nasdaq Composite, which rose 1.53% to 13,461.92 points, the highest value since April of last year.
Among “big tech,” Apple gained 1.56% and posted its highest closing value ever, while Amazon rose 2.54%, Alphabet advanced 1.2%, Microsoft advanced 1.55%, and Meta, the parent company of Facebook and Instagram, rose 2.3%.
A note also for Tesla, which added its 12th consecutive session in the green up 2.22%, and for Oracle, which rose 5.99% on the day it will present its fourth fiscal and annual quarter results.
Most analysts are betting that the Fed will decide to pause its rate hike cycle at Wednesday’s meeting.
As for inflation, the consensus of economists surveyed by Bloomberg points to a further slowdown in May, to 4.1%. In April, the inflation rate in the world’s largest economy was 4.9% year on year.
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