The SPDR S&P 500 ETF Trust rallied 1.5 percent on Wednesday as earnings reports from Visa Inc., Alphabet Inc., and others reassured investors the U.S. consumer remains strong. Yet the second-quarter earnings season has been a mixed bag up to this point, and the Federal Reserve announced on Wednesday that it will raise interest rates by at least another 0.75 percent.
The S&P 500 is now up 2 percent in the last month, leading some traders to conclude the 2022 market bottom is in and inflation has likely peaked. The S&P 500 remains down 16.9 percent year-to-date, and the recent gains could just as easily be a bear market rally as well.
