The S&P 500 and the Nasdaq rose as investors weighed up chances of the Fed pausing interest rate hikes at its upcoming meeting.
showed that wage growth moderated in May, raising hopes that the central bank could skip a rate hike next week, while investors welcomed a Washington deal that avoided a catastrophic debt default.
Traders have priced in a nearly 80% chance that the Fed will hold interest rates at its June 13-14 policy meeting, according to CME Group's Fedwatch tool, though they expect another hike in July. "We are now waiting for that next major data point and to determine whether the Fed is going to be skipping or pausing or hiking," said Thomas Hayes, chairman at Great Hill Capital LLC.
A stronger-than-expected earnings season and hopes of the Fed pausing its aggressive monetary tightening cycle have boosted U.S. equity markets in recent months, with the rebound putting the S&P 500 on track to close 20% above its October 2022 closing lows.the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Fed's fight against inflation.
"It is a bit of a concern because we're very close to that expansion-contraction threshold. It is certainly adding to the uncertainty as to whether we will be slipping into a recession or not," said Sam Stovall, chief investment strategist at CFRA Research.
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