The U.S. Bureau of Economic Analysis reported that the Gross Domestic Product (GDP), the largest measure of goods and services, expanded at a brisk annualized pace of 2.8% in the second quarter.

In 2021 and 2022, soaring inflation sparked the most aggressive series of rate hikes in decades. While prices remain high, the rate of those price increases has slowed, and the Federal Reserve may finally be seriously considering a reduction in interest rates.

The U.S. Bureau of Labor Statistics reported that nonfarm payrolls in May rose 272,000, easily beating expectations of 190,000 per the Wall Street Journal.

Over the past three years, nonfarm payrolls have usually topped expectations.

That narrative remains intact.

Modest economic growth and stable rates have underpinned stocks in a relatively dull rally that has the major indexes at or near all-time highs, according to MarketWatch.

According to the Energy Information Administration, the average price of regular gasoline this year bottomed at $3.06 in January. As of the last reporting date, the price averaged $3.64 on May 6.

So far, Fed rate hikes in 2022 and 2023 appear to have done little to dampen economic activity.

Despite numerous headlines of tech sector layoffs, not many laid-off workers are filing for unemployment benefits.

Though the population is much larger today, claims are hovering near a level not seen since the early 1970s.

Since 1928, the S&P 500 Index averaged an annual increase of 11% (dividends were reinvested). The index finished the year higher 73% of the time, according to data provided by the NYU School of Business.