The S&P 500 (SPX) jumped today despite a warning from Federal Reserve Chairman Jerome Powell about future interest rate cuts. Powell noted that the Fed isn’t rushing to cut interest rates over the next few months. Investors have been hoping for interest rate cuts to bolster the stock market but weren’t too depressed about today’s news. That saw the SPX increase 0.53% as of this writing.
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Powell argued the central bank doesn’t need to consider interest rate cuts right now due to the strength of the U.S. economy and labor market. Adding to that is slowly cooling inflation, which could spike again if interest rates are reduced. That would undercut the Fed’s plan to get interest rates back down to 2%.
Which Stocks Are Lifting the SPX Index Today?
Turning to the TipRanks S&P 500 heatmap tool, investors will see which stocks are sending the index higher on Tuesday. Many stocks are red on the heatmap today, but there are several pockets of green that are keeping the SPX from falling. That includes Apple (AAPL) with a 2.85% gain, Coca-Cola (KO) with its 3.52% rally, and Intel (INTC) with a 6.7% increase.
How to Invest in the S&P 500
Investors can’t take a direct stake in the S&P 500 as it’s only an index. Instead, they might consider buying shares that are rising or falling today, depending on their investment strategies. The heatmap above contains all the information investors need to make these decisions.
Another option is buying exchange-traded funds (ETFs) that track the S&P 500. There are ETFs that bet on and against the SPX with one popular pick being the SPDR S&P 500 ETF Trust (SPY). However, there are plenty of other options available.
