The S&P 500 and Nasdaq closed higher, boosted by tech momentum stocks led by Apple and Microsoft, while industrials and financials held the blue-chip Dow essentially flat. The robust gain of Nasdaq got a boost after Federal Reserve Chairman Jerome Powell reiterated the view that more interest rate hikes are imminent but provided reassurance that the Fed would proceed with caution. Investors were taken by surprise when the Bank of England implemented a larger-than-expected 50 basis point rate hike to tackle stubborn inflation. At last glance, financial markets have priced in a 77% probability of another 25 basis point rate hike at the conclusion of the Fed's July meeting according to CME's FedWatch tool. | Subscribe To Our Free Newsletter |
