The tech-heavy Nasdaq led gains, though investors remained cautious ahead of next week's Fed meeting.
Indexes up: Dow 0.20%, S&P 0.36%, Nasdaq 0.88%
June 8 - The tech-heavy Nasdaq led gains on Wall Street on Thursday as a dip in Treasury yields supported megacap stocks, though investors remained cautious ahead of inflation data and the Federal Reserve's policy meeting next week. The two-year Treasury yield , which tends to move in step with short-term rate expectations, slipped from one-week highs to 4.5% after a sharpTraders have priced in a 73% chance of the U.S. central bank holding interest rates at the current 5%-5.25% range during its monetary policy meeting on June 13-14, according to CMEGroup's Fedwatch tool. However, they see a 50% chance of a rate hike in July.
"Today's data in terms of higher claims shows that the Fed policy is having a clear effect," said David Russell, vice president of Market Intelligence at TradeStation. "There's a lot of reasons to be optimistic that inflation is coming down, but the Fed is likely to keep a relatively stern tone until they know for sure. So at this point, the Fed wants to take a step back and see if the medicine is working."
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