Stock Market Update

[BRIEFING.COM] The major averages continue to climb to new highs heading into the final hour of today's shortened session, with the S&P 500 up 0.9%. 

The stock market benefitted from today's economic data releases that saw encouraging employment data, which promptly sparked an increase in equity futures before the opening bell. 

The encouraging data release has stifled hopes of a July rate cut, with Atlanta Fed President Raphael Bostic (non-voting FOMC member) saying to CNBC  the U.S. economy could experience a long period of elevated inflation from tariffs. Bostic supported the Fed's "wait and see" approach and acknowledges that while the labor market remains healthy,  hiring pace has slowed.