Breaking: S&P 500 Inches Higher to Record as Traders Await Inflation Data and Earnings

The S&P 500 rose to a fresh record Monday as investors eagerly await key inflation data for further insight into the longevity of this year’s market rally. The broad market index climbed 0.2%, while the Nasdaq Composite advanced 0.1%. The Dow Jones Industrial Average also saw significant gains, trading 212 points higher, or 0.5%, led by Intel and Boeing, which rose 5% and 2%, respectively.

This positive movement follows the S&P 500's fourth positive week in the last five, driven by optimism that easing inflation and potential economic slowdowns later this year could prompt a Federal Reserve interest rate cut. Investors are particularly focused on the June consumer price index, set to be released on Thursday, which could reinforce hopes of improving inflation. Additionally, producer price index data, scheduled for release on Friday, will be closely watched.

As the second-quarter earnings season kicks off, major banks like Citigroup and JPMorgan Chase, along with companies such as PepsiCo and Delta Air Lines, are set to report their results. The S&P 500 and Nasdaq Composite ended last week at record closing levels, with the S&P 500 achieving its 34th record close in 2024.