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10/06/24 Briefing



All three major indexes closed higher on Monday — with the S&P 500 and Nasdaq both notching fresh records — as investors braced for a Federal Reserve policy decision and key inflation data in the week ahead.

The Dow Jones Industrial Average (^DJI) finished the day up about 0.2%, coming off a muted end to a winning week for the three major gauges. The benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each rose about 0.3% and 0.4%, respectively, to reach their latest highs.

Strength in a mixed May nonfarm payrolls report reinforced bets that the Fed will keep interest rates at a two-decade high for longer. Trader expectations for a cut in September have fallen, while those for November have risen, according to the CME FedWatch tool.

Investors are now looking ahead to the Fed's next rate decision and May's Consumer Price Index inflation reading, both due on Wednesday, which will provide another big test for stocks.

Investors have also kept a watchful eye on potential fallout from political upsets in Europe. France's President Macron called a snap national election after a trouncing from the far right in Sunday's EU-wide vote, while Germany's leader also suffered a crushing defeat. The euro (EUR-USD=X) slumped to its lowest level in a month, while the Paris stock index (^FCHI) sank around 2%.

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