S&P 500 Eyes Records, Fed Hike Odds Near 51% Before CPI: Stock Market Today
Key takeaways
- The S&P 500 is poised to break records, but the market is closely watching the upcoming CPI data and the Fed's interest rate decisions.
- S&P 500: 7,744.99
- Dow Jones: 53,940.69
- Nasdaq 100: 29,500.13
What happened
The S&P 500 slipped 0.1% to 7,745, holding within a whisker of its 7,793.68 record. The Dow Jones Industrial Average shed 51 points, or 0.1%, to 53,940. The Nasdaq 100 lagged, down 0.4% to 29,500. On Holding AG tumbled 19.2% after second-quarter revenue of 850.3 million Swiss francs missed the CHF881.4 million consensus.
Why it matters
The S&P 500 is eyeing record highs, with Fed hike odds near 51% before the CPI release. The market is closely watching the upcoming CPI data, which could impact the Fed's decision on interest rates. The Dow Jones and Nasdaq 100 also saw significant movements, with the Dow Jones shedding 51 points and the Nasdaq 100…
Short-term and longer-term
Short-term. Over the next day or two, watch the interest rate on government loans, the dollar, and which kinds of companies lead after the number comes out.
Longer-term. The market's positioning suggests a high degree of uncertainty ahead of the CPI release, with Fed hike odds near 51%.