US stocks edged higher on Thursday, with the S&P 500 rising 0.4% to approach record levels, the Nasdaq 100 adding 0.5% to surpass the fresh high topped the day before and the Dow Jones adding more than 200 points, supported by growing expectations that the Fed may cut interest rates sooner than previously anticipated.
The WSJ reported that President Trump is considering announcing his nominee for the next Fed Chair early, potentially installing a "shadow" chair who could push for a more dovish policy stance.
Meanwhile, fresh economic data showed the US economy contracted more than anticipated in Q1 by an annualized 0.5% and the goods deficit unexpectedly widened due to lower exports.
Also, initial claims came below forecasts while durable goods soared. All sectors traded in positive territory, with the exception of real estate. On the corporate front, most megacap stocks posted gains, though Apple bucked the trend, slipping 0.4% following a price target downgrade by JPMorgan Chase.
Source: Trading Economics
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