S&P And Nasdaq Make New All-Time Highs, All Eyes On Today's Inflation Report And FOMC Announcement

Market Moves You Need to See S&P And Nasdaq Make New All-Time Highs, All Eyes On Today's Inflation Report And FOMC Announcement [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President S&P And Nasdaq Make New All-Time Highs, All Eyes On Today's Inflation Report And FOMC Announcement The S&P 500 and Nasdaq, once again, both closed higher yesterday, and set another new all-time high and close in the process. Apple soared 7.26% after they announced their plan, the day before, for rolling out AI for their devices. It will be available in the fall when they release their iOS 18 and macOS Sequoia. But will only be available for the most current device models such as the iPhone 15 series with A17 Pro Chips, and iPad and Mac users with the M1 chip or later. Apple investors and iPhone watchers are hoping the release of these new AI features, especially since they appear to be aimed at only those with new devices, will nudge those with earlier models to upgrade into new ones, and jumpstart flat to falling iPhone sales. It was not just Apple gaining yesterday. Other big-tech names rallied as well as the AI boom continues to drive the market. All eyes will be on this morning's Consumer Price Index (CPI) inflation report. The last CPI report (retail inflation) showed the core rate (ex-food & energy) at 3.6% y/y vs. the previous month's 3.8%. For today's report, the headline numbers are expected to come in at 0.1% m/m vs. last month's 0.3% pace, while the y/y rate is expected to come in at 3.4%, in line with last month. The core rate is expected to be up 0.3% m/m, just like last month, while the y/y rate is expected to fall slightly to 3.5% vs. last month's 3.6%. Then in the afternoon, the focus will shift to the FOMC Announcement, followed by the customary Fed Chair Press Conference. Nobody is expecting the Fed to cut rates today. Or at their July meeting either. But most are expecting the Fed to begin cutting rates as early as September or possibly November. However, many Fed watchers came into the year expecting as many as 4-5 cuts. Now expectations are for 2-3. And a fair number of people are saying just 1 or none. So every word written in the announcement will be scrutinized, as will every word uttered by Fed Chair Jerome Powell at his press conference, in an effort to discern what the Fed is thinking in terms of cuts and timelines. The CPI comes out at 8:30 AM ET. The FOMC Announcement comes out at 2:00 PM. And the Fed Chair Press Conference starts at 2:30 PM. As I mentioned yesterday, the market has been doing fine without the Fed. And it's easy to see why. With a resilient economy, a strong jobs market, upward trending sales and earnings estimates, and household incomes remaining near record highs, it gives the market plenty of reason to keep moving higher. And those factors should remain in place for a while, even after today's reports. See you tomorrow, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [The Next Wave of AI is Here]( [image]( The age of artificial intelligence has been unleashed. The first wave of AI lifted the stocks of Nvidia and other companies producing chips to power AI technology. The new wave of AI has everything to do with software - and it's just getting started. This uranium stocks' price could jump over 136.36% over the next 12 months (and that's just the beginning). [See how investors could benefit from AI's software revolution]( Today's Top Research [Are Stock Splits Bullish? Lessons from Nvidia Stock Split]( Stock splits are making headlines again after Nvidia split its stock on Monday. [Read More »]( [5 Stocks to Buy From a Thriving Heavy Construction Industry]( Growth across the telecommunications, transmission, renewable energy and power generation businesses is set to benefit EME, DY, GVA, TPC and GLDD. [Read More »]( [Best ETF Ideas for the Second Half of 2024]( Director of ETF Research Neena Mishra speaks with Matthew Bartolini, Head of SPDR Americas Research at State Street Global Advisors, about investing strategies for the remainder of the year. [Read More »]( [Time to Ride General Motors (GM) Stock for Higher Highs?]( General Motors (GM) stock printed another day of fresh 52-week highs after the auto giant announced an additional $6 billion in stock buybacks. [Read More »]( [3 Tech Stocks to Buy for Income and Growth: ROP, MU, GOOGL]( For investors interested in obtaining a blend of income and growth, Roper Technologies (ROP), Micron Technology (MU), and Alphabet (GOOGL) fit the criteria. [Read More »]( [Get Your Free Copy of Finding #1 Stocks - A $49.95 Value]( Starting today, you can claim a free copy of Finding #1 Stocks by Zacks' EVP Kevin Matras. You don't even have to pay for shipping! Its 300 pages unfold virtually every trading secret he has learned over the last 25 years to beat the market. Here's what's inside: - See the exact formulas of strategies that produced gains up to +62.6% in 2023 - more than double the market's +26.2%. - How to spot bullish set-ups and bearish break-downs to stay ahead of the market… - Traits to determine the type of trader you are and finding stocks with highest probability of success… - Kevin's personal all-time favorite screening strategy… - And much more! This limited-time offer will end Saturday, June 15 or when our inventory is depleted. Don't miss this unique opportunity. [Get your FREE book now »]( [Bull of the Day: Vita Coco (COCO)]( Earnings estimates are on the rise for this leading producer of coconut water. [Read More »]( [New Zacks Strong Buys for June 12th]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( More Zacks Resources Mobile App Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Zacks Members' Success Stories Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms of Service". [www.zacks.com/terms_of_service]( Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through May 6, 2024. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit [( for information about the performance numbers displayed above. Zacks Emails If you would prefer to not receive future profit-producing emails from [Zacks.com]( the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please [click here]( and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606