(Bloomberg) — A rally in the world’s largest technology companies sent stocks to all-time highs, with Jerome Powell’s remarks to Congress not doing much to dissuade traders from betting on Federal Reserve rate cuts this year.
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For the first time in its history, the S&P 500 topped 5,600. A renewed bid for megacaps drove the US equity benchmark to its longest rally since November, with Nvidia Corp. up over 2.5% and Apple Inc. climbing on news it aims to ship 10% more new iPhones after a bumpy 2023. Treasuries remained fairly stable after a strong $39 billion sale of 10-year bonds. Swaps are pricing in two Fed cuts in 2024 — and higher chances the first comes in September.
As Wall Street geared up for the consumer-price index, Powell said the Fed doesn’t need inflation below 2% before cutting rates, while adding officials still have more work to do. He…
