Published on 12 Apr 2024 on Zacks via Yahoo Finance
Play Safe! S&P 500 is Teasingly Close to its 50 DMA: 3 Picks
The S&P 500 notched a marvelous rally in the first three months of 2024, banking on AI optimism and hopes that the Federal Reserve will cut interest rates in the second half of this year.
However, the broader index has experienced a topsy-turvy ride so far this month. This is because of a hotter-than-expected rise in consumer prices and an uptick in wholesale prices that dampened the chances of any rate cuts soon.
Even though the prices of indispensable goods and services dropped significantly from their peak of 9.1% in June 2022, they remain well above the coronavirus pandemic mark.