Stock Market Update: US Stocks Hit Record Highs as Investors Anticipate Fed Rate Cut
US stocks surged on Thursday, with the Dow Jones Industrial Average reaching the historic 40,000 level for the first time ever. The S&P 500 and Nasdaq Composite also saw gains, continuing the record-setting rally from the previous session.
Investors are optimistic about a potential Federal Reserve rate cut in September, as signs of cooling inflation have emerged. The latest Consumer Price Index data showed a slowdown in inflation, prompting speculation of an easing in interest rates.
In corporate news, Walmart reported better-than-expected quarterly results, with profits, revenue, and same-store sales beating Wall Street estimates. The retail giant’s shares jumped about 6% as it raised its full-year forecasts.
Additionally, Warren Buffett’s Berkshire Hathaway revealed a $6.7 billion stake in Chubb, ending months of speculation over the undisclosed position. Chubb’s shares surged about 8% on the news.
Overall, the stock market is showing resilience and strength, with all three major indexes hitting all-time highs. The market is closely watching for further developments on the Fed’s monetary policy and corporate earnings as the economy continues to navigate through uncertain times.
