The S&P 500 settled higher on Friday, with Apple Inc. (NASDAQ:AAPL) closing with a $3 trillion market capitalization for the first time.
The personal consumption expenditure price index in the U.S. rose 3.8% year-over-year in May, recording the lowest reading since April 2021.
Traders are seeing around 84% chance that the Federal Reserve will raise interest rates by 25 basis points at its July meeting.
The Nasdaq recorded its strongest first-half performance in 40 years, adding over 31% during the period. For the quarter, the S&P 500 jumped 8.3% while the Nasdaq Dow gained 3.4%.
Carnival Corporation (NYSE:CCL) shares gained 9.7% on Friday after Jefferies upgraded the stock from Hold to Buy and raised the price target from $9 to $25.
All the major sectors on the S&P 500 closed on a positive note, with information technology and consumer discretionary stocks recording the biggest gains on Friday.
The Nasdaq 100 jumped 1.60% to close at 15,179.21 on Friday, amid gains in shares of NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL).
The S&P 500 rose 1.23%, while the Dow Jones gained 0.84% to 34,407.60 in the previous session.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 0.4% to close at 13.59 on Friday, after earlier dropping to a one-week low level.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market’s expectation of volatility based on S&P 500 index call and put options.
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