Stocks Kick Off Final Month of 2024 at Record High: Markets Wrap
- JPMorgan traders’ math places S&P near 6,300 by month’s end
- Fed’s Waller says he’s leaning toward rate cut in December
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A rally in the world’s largest technology companies drove stocks to fresh all-time highs, with Wall Street traders bracing for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates.
The S&P 500 notched its 54th closing record this year in a “narrow” advance that saw just a few groups ending higher. The tech-heavy Nasdaq 100 rose more than 1%, Tesla Inc. led gains in megacaps and Apple Inc. hit a fresh peak. Treasuries pared losses after Fed Governor Christopher Waller said he’s inclined to vote for a rate cut in December, with swaps pricing in more than 70% of a quarter-point reduction this month.