NASDAQ, S&P At All-Time Highs On Soft Inflation Report


(MENAFN- Baystreet) NASDAQ, S&P at All-Time Highs

  • Futures Flat Ahead of Inflation Report
  • NASDAQ Jumps to Record High
  • Stocks
    Unchanged After Inflation Data
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    Tick Higher Ahead of Inflation Report Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, May 15, 2024

    NASDAQ, S&P at All-Time Highs on Soft Inflation Report Advertisment
    The S&P500
    and NASDAQ Composite popped to record highs Wednesday, adding to their strong 2024 performances, boosted by a lighter-than-expected U.S. consumer inflation report.
    The DowJones
    Industrials popped 234.74 points to 39,792.85.
    The S&P500
    surged 43.09 points to 5,289.72.
    The tech-heavy index
    popped 160.73 points to 16,671.91.
    Market leaders such as Nvidia popped upon the inflation reading, with shares of the GPU manufacturer rising nearly 3%. Tech titans Apple, Microsoft and Netflix all added more than 1%.
    The CPI rose 0.3% for the month of April, less than the DowJones
    estimate for a 0.4% monthly increase. The gauge increased by 3.4% year over year, in line with expectations. Monthly and yearly numbers for core CPI, which excludes volatile food and energy prices, were both in line as well.
    The report boosted expectations for Federal Reserve rate cuts in the near future. Fed funds futures trading data now suggests a 51.7% likelihood that the U.S. central bank
    will ease rates at its September meeting. This is up from Tuesday's 44.9% chance of a rate cut the same month.
    Prices for the 10-year Treasury rocketed, lowering yields to 4.36% from Tuesday's 4.44%. Treasury prices and yields move in opposite directions.
    Oil prices squeezed higher 10 cents to $78.12 U.S. a barrel.
    Gold prices hopped $26.90 to $2,386.80.




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