$500 Account Follow Along Day 8 | S&P 500 Hits New Record High

Today, the S&P 500 reached a record high, fueled by tech giants like Nvidia and a hint that the Fed might slow down interest rate hikes. We’ll discuss this, and update our $500 Account Follow Along journey!

June 6, 2024
Meta Matt

Day 1 : Building a Watchlist and explaining the strategy
Day 2 : $PLTR Trade Idea 
Day 3: Buying $HOOD
Day 4: Up 5% on $HOOD
Day 5: Entered $UA Trade
Day 6: Trading In Puerto Rico
Day 7: Introducing Beacon

Soaring Tech Stocks Push S&P 500 to New Heights

The stock market had an interesting day on Wednesday, with the S&P 500 reaching a record high. This rally was fueled by two key factors: a strong showing from tech giants and economic data hinting at a potential shift in Federal Reserve policy.

Tech heavyweight Nvidia led the charge, bolstered by impressive earnings that ignited enthusiasm for the sector. Other major tech companies followed suit, propelling the S&P 500 to new territory.

Adding to the positive sentiment was economic data suggesting a slight cool-down in the labor market. While this might raise concerns about slowing growth, some investors interpreted it as a signal that the Federal Reserve might ease up on interest rate hikes later in the year. This prospect of lower borrowing costs can be a boon for stock prices.

Overall, Wednesday's market surge highlights the ongoing influence of the tech sector and the delicate dance between economic data and investor expectations regarding Federal Reserve action.

$500 Account Update

Not much to update here. We are still just Pay-tiently waiting for our entry levels to get hit on our watchlist plays, and our targets or stop losses for the open plays. Keep in mind this is a slow moving, low risk swing trading strategy we are using.

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