SPY, QQQ Hit Record Highs Amid Mixed Economic Data
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BTCCSquare news:
Equity ETFs reached unprecedented levels as conflicting economic signals emerged. The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) achieved fresh intraday peaks, continuing their upward trajectory despite headwinds.
Labor market weakness surfaced with initial jobless claims jumping to 263,000 - the highest reading in nearly four years. Meanwhile, inflationary pressures persisted as August's CPI registered a 0.4% monthly increase, the steepest climb since January. Core inflation held steady at 3.1% annually.
These developments complicate the Federal Reserve's policy path ahead of critical FOMC meetings. Market participants now reassess the likelihood of aggressive rate cuts as price stability remains elusive.
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