The S&P 500 rose today after investors got more economic data indicating inflation pressures are easing. CNBC reported, “[t]he broad market index climbed 0.3%, while the Nasdaq Composite advanced 0.7%. The Dow Jones Industrial Average slipped 156 points, or 0.4%.“
Economists polled by Dow Jones had expected May’s producer price index (PPI) to increase by 0.1%, but instead fell 0.2% from April.
Rates were kept unchanged by the Federal Reserve and the central bank “lowered its rate cut expectations for 2024 to one from its prior estimate of three”. (Source)
James McCann, deputy chief economist at abrdn, a global investment company, said, “‘[t]he “downside surprise in CPI inflation was more encouraging, and with most members split between one or two cuts we wouldn’t be surprised to see market pricing continue to flirt with multiple rate cuts this year.’”
Wall Street is showing its success after a strong session with the S&P 500 and Nasdaq Composite. The benchmarks here are hitting “all-time highs and closing at records”. (Source)
Before the bell this morning CNBC noted, Tesla “jumped 7% after CEO Elon Musk said his $56 billion pay package and a resolution to move the company’s incorporation to Texas were both set to pass a shareholder vote.” Broadcom also jumped at almost 14% after they “posted an earnings and revenue beat and announced a 10-for-1 stock split.” Dave and Buster’s “shares… fell 10% after first-quarter sales missed expectations.”
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Market Recap Week of 06/03/2024 to 06/07/2024