S&P 500 Hits All-Time High as Investors Anticipate Economic Data

U.S. stock futures surged, with the S&P 500 reaching record highs. Investors await payroll data and Federal Reserve comments. A potential rate cut is expected. Tech stocks drove market gains, while Salesforce and Marvell reported strong quarterly performances. The U.S. stock market is significantly outperforming global peers this year.

U.S. stock index futures rose significantly on Wednesday, pushing the S&P 500 to new record highs. As investors eye upcoming economic data, including private payrolls and the monthly employment report, attention remains on comments from Federal Reserve officials, particularly Chair Jerome Powell.

There is currently a 74% likelihood of a 25-basis-point rate cut by the Federal Reserve this month, as indicated by the CME's FedWatch Tool. U.S. Federal Reserve officials believe inflation is nearing their 2% target, exhibiting general support for further interest-rate reductions without a strong consensus.

Strong performances by tech stocks have continued to propel the market, with Salesforce and Marvell Technology reporting impressive revenue figures. The S&P 500 has surged nearly 27% year-to-date, notably outpacing stock exchanges in Europe, Japan, and mainland China.

(With inputs from agencies.)