The S&P 500 gained 0.07%, achieving another record high amid investor optimism before the Q2 earnings season. Economic data presented mixed signals; the Manufacturing PMI dropped below 50, indicating industrial slowdown, while Services PMI showed resilience. The unemployment rate fell slightly, and new home sales, though below forecasts, improved from last month. These factors indicate stable U.S. economic growth, allowing the Federal Reserve to maintain its policy without abrupt changes. The market shows divergence, with Nvidia performing well and Tesla experiencing a significant drop after disappointing earnings.
The S&P 500 posted a modest gain of 0.07% in yesterday's trading session, setting another record high and extending its recent upward trend.
The preliminary U.S. Manufacturing PMI fell sharply below the 50 mark, signaling a slowdown in industrial activity, contrasting with the Services PMI that exceeded expectations.
The unemployment rate edged down slightly, suggesting continued strength in the labor market, while new home sales came in below forecast but surpassed previous month's figures.
The data implies that the U.S. economy is not overheating but is maintaining a stable growth pace, which provides the Federal Reserve a solid foundation for its current policy.
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