S&P 500 hit record high above 6,300 due to strong US retail sales data

On Thursday, US stock indexes hit new record highs as stronger-than-expected retail sales data in June eased concerns about slowing consumer demand and boosted confidence in the resilience of the American economy, Bloomberg reports.

According to the news agency, the S&P 500 gained 0.5%, closing above 6,300 points for the first time ever. PepsiCo emerged as one of the session's top performers, with shares surging 7% after posting strong quarterly earnings. Mondelez International also had a solid day, climbing 3.5% after Jefferies analysts upgraded the firm’s rating. Meanwhile, Coca-Cola shares rose 1.9% following news that the company would switch to cane sugar in its products.

Ahead of the Fed’s rate decision on July 30, investors are wondering what could finally push the S&P 500 out of its narrow trading range. Morgan Stanley’s Mike Wilson expects US shares to drop 5–10% this quarter, though long-term, he sees a bull market building in stocks.