S&P 500 hits record high with solid economic data

    On Wednesday, cyclical stocks in the U.S. stock market performed well. The major indexes closed mixed, the S&P 500 hit a new high, and the Nasdaq fell slightly.

     ADP's new report data shows that companies added more jobs than expected in June, while real estate sales rose unexpectedly. The rebound in solid economic data mixed with the market's concerns about the spread of the more contagious Covid-19, resulting in a sensitive economic cycle. Biden's demands for increased scrutiny of big tech companies, dampened the performance of tech stocks, with value stocks outperforming growth stocks.

Kaplan, president of the Dallas branch of the Federal Reserve, said optimistically that in terms of GDP, the United States has fully recovered from the pandemic, but it will take some time for employment data recover, and the scale of bond purchases will soon begin to be scaled back.

Oil prices began to go up, with U.S. Energy Department data showing crude inventories fell last week for a sixth straight week as oil refiners boosted supply in response to rising demand. Inventories in Cushing, Oklahoma, fell to their lowest level since March 2020. OPEC expects the oil market to be undersupplied this year. Goldman Sachs forecasts a supply deficit of 5 million barrels per day in oil demand by the end of 2021. OPEC and its allies will meet on Thursday to decide on supply policy.