S&P 500 and Nasdaq close at highest since April 2022

The S&P 500 and Nasdaq closed at their highest levels since April 2022, bolstered by gains in market heavyweights Amazon, Apple, and Tesla. Of the 11 S&P 500 sector indexes, eight rose, with technology and consumer discretionary leading the gains. While Tuesday’s US Labor Department’s consumer price index is expected to show inflation cooling slightly in May, investors are anticipating the Federal Reserve’s decision on interest rates on Wednesday. Further, traders anticipate the Fed to remain data-dependent, signaling that a rate hike is not off the table but will not come in the short term.