s&p 500, Nasdaq hit records as rate cut hopes grow

The S&P 500 and Nasdaq closed at record highs on Wednesday. This was due to economic data that raised hopes for a potential rate cut by the Federal Reserve. New jobs data pointed to an easing labor market. This could give the Federal Reserve more room to maneuver. The ISM services PMI also came in weaker than expected. This further fueled speculation that the Fed might cut rates. Shares of Paramount jumped following reports of a deal with Skydance Media.

Record highs amid Fed rate speculations

The Dow Jones Industrial Average fell by 0.06%. The S&P 500 rose by 0.5%. The Nasdaq increased by 0.88%. A trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City. Screens display a news conference by Federal Reserve Board Chairman Jerome Powell. The reporting was done by Ankika Biswas and Lisa Mattackal in Bengaluru. The editing was done by Maju Samuel and David Gregorio.