U.S. stocks closed higher across the board, with the Nasdaq hitting a new record close.

Goldman Sachs has pushed back its expectation for the Fed's first interest rate cut to September.

Wedbush analysts raised their target price for Apple to $275.

WTI oil prices closed higher, but fell 2.3% for the week.

U.S. stocks closed higher on Friday as the market weighed economic data. Boosted by NVIDIA's stock, the Nasdaq hit a new closing high. By the close, the Dow Jones Industrial Average rose by 4.33 points, or 0.01%, to 39,069.59; the Nasdaq Composite gained 184.76 points, or 1.10%, to 16,920.79; the S&P 500 index added 36.88 points, or 0.70%, to 5,304.72.

On individual stocks, NVIDIA's share price closed up 2.57%, at $1,064.69 per share, setting a new 52-week high. Despite concerns about the Fed delaying interest rate cuts, bullish sentiment towards NVIDIA and other tech companies pushed U.S. stocks higher. NVIDIA's stock price rose about 15% for the week and has gained 115% year-to-date. Additionally, First Solar's stock closed up 10.78%, with a weekly gain of about 39%, marking the best weekly performance since April 2013.

In terms of Chinese concept stocks, the NASDAQ Golden Dragon China Index closed down 0.35%. Li Auto rose 3.73%, Pinduoduo rose 2.56%, Ctrip rose 1.52%, Bilibili rose 1.46%, XPeng rose 1.23%, NIO rose 0.63%, iQIYI rose 0.21%, NetEase fell 4.50%, Zhihu fell 3.86%, and JD.com fell 2.98%.

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For the week, the Dow Jones Industrial Average fell 2.33%, its first weekly decline in five weeks, while the Nasdaq Composite rose 1.41%, and the S&P 500 index edged up 0.03%.

In the bond market, as the market assessed economic data, U.S. Treasury yields were flat. The yield on the 10-year U.S. Treasury note fell by about 1 basis point to 4.467%, while the yield on the 2-year U.S. Treasury note rose by 1 basis point to 4.948%.

Goldman Sachs has pushed back its expectation for the Fed's first interest rate cut to September.In terms of economic data, according to figures released by the University of Michigan, the final value of the University of Michigan Consumer Sentiment Index for May was 69.1, an improvement from the initial value, with an expected value of 67.5. Concurrently, the one-year inflation expectation of consumers has dropped from 3.5% to 3.3%, but it remains the highest level since December of last year. The five-year inflation expectation stands at 3.0%, which is a decrease from the initial value of 3.1%.

Jeffrey Roach, Chief Economist at LPL Financial, stated that the Federal Reserve anticipates risks to be roughly balanced, hence a significant alleviation in inflation is necessary before considering a rate cut. The data from the University of Michigan indicates that consumer spending may slow down, thereby easing inflationary pressures on economic demand.

Economists at Goldman Sachs have revised their expectations, predicting that the Federal Reserve will begin cutting rates in September, as opposed to July. The bank stated that signs of economic resilience are not yet sufficient to support accommodative policies. Economists, including Jan Hatzius, noted earlier in the week that comments from Federal Reserve officials suggest that a rate cut in July would require not only more favorable inflation data but also clear signs of weakness in economic activity or the labor market.

Jeremy Schwartz, a senior U.S. economist at Nomura, said in an exclusive interview with Yicai this week that his firm expects the Federal Reserve to make its first rate cut in July. He anticipates two rate cuts this year and four next year. Schwartz believes that although several hawkish Federal Reserve officials have recently suggested waiting a bit longer for a rate cut, this is not the consensus of the Federal Open Market Committee.

According to the CME FedWatch Tool, the market expects an 89% chance that the Federal Reserve will keep rates unchanged in July, with a 45% chance of a 25 basis point rate cut in September.

Wedbush Analyst Raises Apple's Target Price to $275

On the corporate front, considering the potential "supercycle" for the AI-driven iPhone 16 series, Wedbush analyst Dan Ives previously raised Apple's target price from $250 to $275. He also stated that Apple's upcoming WWDC event on June 10th is its "most important event in a decade," as the company is preparing to launch a series of AI products. Apple's stock price increased by 1.66%, closing at $189.98 per share.

Tesla's stock ended two consecutive days of losses, rising by 3.17%, closing at $179.24 per share. Currently, Tesla's stock price is $120.05 lower than its 52-week high of $299.29 reached on July 19, 2023, with a trading volume of 64.9 million, still 31.4 million less than its 50-day average trading volume.

WTI Oil Prices Close Higher but Fall 2.3% for the Week

In the commodity market, due to concerns that the Federal Reserve may keep interest rates unchanged for a longer period than expected, affecting demand, the July WTI crude oil futures price increased by 1.1%, closing at $77.72 per barrel. The WTI oil price fell by 2.3% for the week. The July Brent crude oil futures price increased by 0.9%, closing at $82.12 per barrel. Brent oil fell by 2.2% for the week.