S&P 500 and Nasdaq hit all-time highs; Nike shares drop due to bleak forecast.

From XM Group: 2024-06-28 12:25:58

The Nasdaq and S&P 500 hit record highs in response to an in-line inflation report strengthening hopes for September interest rate cuts. Nike’s bleak forecast led to its steepest one-day fall in over two decades. U.S. monthly inflation was stable in May, with consumer spending rising slightly, supporting expectations for a “soft landing” for the economy. Fed rate cut bets increased, with a 66% chance of a rate cut in September. Traders hope for continued inflation decline to offset high-interest rates. Indexes climbed, with technology leading gains and utilities falling 1%. Some tech stocks rose while mega-caps like Meta, Alphabet, and Amazon dropped. Nike shares plunged 18.9% after a fiscal 2025 revenue forecast cut. Optical networking gear maker Infinera surged 18.3% after Nokia announced a $2.3 billion acquisition deal.



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