S&P 500's capitalization-weighted index outperformed equally weighted counterpart by 2.15%. Technology and growth stocks excelled, surpassing value stocks by the largest margin since March 2023.
Inflation data favored growth stocks. May's flat CPI with core CPI rising 0.2% led to a 7-month low in core inflation at 3.4%.
Labor market concerns arose with jobless claims hitting nearly a year high and continuing claims ranking third-highest in the past year, contrasting the positive economic indicators.
Federal Reserve refrained from rate changes but hinted at a potential increase by the end of 2024, coupled with a drop in Treasury yields and subdued corporate bond markets affected by Fed actions and inflation data.
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