S&P 500 Ekes Out Gain to Notch 35th Record in 2024: Markets Wrap
- Inflation expectations fall for second month in NY Fed survey
- Powell to face Fed critics in Congress amid elevated rates
Stocks closed at all-time highs in a cautious session that saw traders gearing up for Jerome Powell’s testimony to Congress and the start of the earnings season.
With a mere 0.1% advance, the S&P 500 notched its 35th record this year. Some of the largest American banks will unofficially kick off the second-quarter reporting season Friday — and expectations are on the rise. Analysts’ upgrades to profit estimates have outnumbered downgrades. At the same time, forecasts for 12-month forward earnings stand at an all-time high.