Stocks Pause Following Record Rally; Eyes on Fed and Job Data

After marking its 15th record of the year, the S&P 500 took a step back as investors await crucial job data and Federal Reserve insights. Despite the market’s resilience, caution over a potential consolidation has emerged. Treasury yields rose amid expectations of significant corporate bond offerings, while Federal Reserve Chair Jerome Powell is anticipated to maintain a cautious stance on rate cuts, despite persistent inflation pressures.

Meanwhile, expectations of a cooling labor market could support the case for policy easing. In corporate news, Apple (APPL) faces a hefty fine from the EU, JetBlue (JBLU) ends its bid for Spirit Airlines (SAVE) , and  (NVDA)  surpasses Saudi Aramco in market valuation, ranking behind only Apple and Microsoft (MSFT) Additionally, Bitcoin surges past $66,000 as market dynamics continue to evolve.