S&P 500, Nasdaq cling to recent gains as Apple hits record high

The S&P 500 and Nasdaq on Monday hovered near highs hit in the previous session as Apple scaled an all-time peak, while investors assessed odds of the Federal Reserve pausing interest rate hikes at its upcoming policy meeting.

Apple Inc (AAPL.O) shares rose 1.5% to touch an all-time high ahead of its annual software developer conference later in the day, where the iPhone maker is widely expected to announce a new mixed-reality headset.

Other growth stocks also rose, with Alphabet Inc (GOOGL.O) gaining 1.5% and Amazon.com Inc (AMZN.O) adding 0.4%.

U.S. stocks rallied on Friday after a report showed that wage growth moderated in May, raising hopes that the U.S. central bank could skip a rate hike next week, while investors welcomed a Washington deal that avoided a catastrophic debt default.

Ahead of key inflation data next week, traders are pricing in a 76% chance that the Fed will choose to hold interest rates in its June 13-14 policy meeting, according to CME Group’s Fedwatch tool, though they expect another hike in July.

This report’s information was first seen on REUTERS; to read more, click this link.