- U.S. stocks edged higher on Monday, with the S&P 500 and the Nasdaq hitting record highs, as consumer spending rose in March and a benign inflation data underscored the Federal Reserve’s dovish stance on interest rates.
A Commerce Department report showed that U.S. consumer spending increased by the most in more than 9-1/2 years in March, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months. The Federal Open Market Committee will announce its interest rate decision at the end of a two-day meeting, starting Tuesday.
Analysts now expect profits of S&P 500 companies to fall just 0.2%, a sharp improvement from a 2% fall estimated at the beginning of the month, according to Refinitiv data. The defensive utilities and real estate, led the declines among the seven major S&P sectors trading in the red.
Source: News Formal (newsformal.com)
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