The S&P 500 and Nasdaq rose on Tuesday as banks led a rally in economically sensitive sectors, while investors awaited inflation data and the Federal Reserve's policy meet next week.
"You are seeing cyclical parts of the market like financials, machinery, consumer discretionary having some market leadership which is good to see," said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Company.
"If this were to continue, that would probably be a good sign that the trajectory that the market this year is on a more sustainable path." The benchmark S&P 500 has bounced almost 20% from its October 2022 lows, boosted by gains in megacap stocks, a stronger-than-expected earnings season and hopes that the U.S. central bank is nearing the end of its interest rate-hike cycle.
Recent economic data and dovish remarks from the Fed officials have raised the odds of the Fed holding interest rates at its June 13-14 meeting. Fed fund futures indicate traders have priced in a near 80% chance that the central bank will hold interest rates in the 5%-5.25% range, according to CMEGroup's Fedwatch tool. However, they see 50% odds of another 25-basis-point rate hike in July.
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