The S&P 500 index saw a slight increase, marking its fourth gain in five sessions, as traders welcomed moderate inflation data. The index rose by 0.4%, while the Nasdaq 100 climbed 0.2%. A key index tracking major tech firms like NVIDIA and Apple remained stable. Meanwhile, Tesla, Alphabet, and Meta Platforms experienced declines.
Oracle (ORCL, Financial) led the S&P 500 with a 13% surge due to strong demand for its AI infrastructure. Conversely, Boeing shares fell by 4.8% following a crash involving an Air India-operated 787 Dreamliner. This impacted Boeing suppliers, with GE Aerospace dropping over 2% and Spirit AeroSystems Holdings Inc. declining by 2.4%.
Despite the positive market momentum, the S&P 500 is just 1.6% shy of its record high, with investors seeking new catalysts to justify further stock purchases. Economic growth remains a key driver for market breakthroughs, according to PNC Asset Management Group's chief investment strategist. However, significant gains may be limited in the coming weeks due to uncertain global trade prospects.
Traders are now anticipating the University of Michigan's consumer sentiment index for insights into the Federal Reserve's future interest rate policies.
