Trade fair today: live updates

Traders work as a screen displays trading information for GameStop and AMC Theaters on the floor of the New York Stock Exchange on May 15, 2024.

Brendan McDermid | Reuters

The S&P500 And Nasdaq Composite soared to record highs on Wednesday, adding to their strong performance in 2024, boosted by a lighter-than-expected US consumer inflation report.

The broad market index rose 1.1% to rise above 5,300 for the first time, while the tech-heavy Nasdaq rose 1.3%. The Dow Jones Industrial Average climbed 288 points, or 0.7%, and was less than half a percentage point away from hitting an all-time high.

The consumer price index rose 0.3% in April, less than the Dow Jones estimate for a monthly increase of 0.4%. The gauge rose by 3.4% year on year, in line with expectations. Monthly and annual figures for the core CPI, which excludes volatile food and energy prices, were also in line.

Retail sales were flat in April. Economists had expected an increase of 0.4%.

Both reports reinforced expectations for Federal Reserve rate cuts in the near future. Fed Funds futures trading data now points to a 71.9% probability that the US central bank will cut interest rates at its September meeting, Fed figures show. CME FedWatch tool. This is more than Tuesday's chance of a 65.1% rate cut in the same month.

“The markets really wanted these reports to be soft, and they got what they wanted,” said Brian Nick, senior investment strategist at the Macro Institute, who added that these numbers strengthened the case for the Fed to start cutting this year of the interest. “Companies like Nvidia and many of these higher growth names will benefit from falling interest rates.”

Market leaders such as Nvidia came ahead of inflation figures, with the GPU maker's shares rising nearly 4%. Tech titans Apple And Microsoft both added more than 1%.

Yields on US 10-year government bonds and 2-year government bonds fell after the morning reports. The return on the 10-year treasury fell by almost 9 basis points to 4.359%. The 2 year treasury The yield last stood at 4.743%, after a decline of almost 8 basis points.

Stock markets fell this year as expectations for lower Fed interest rates and enthusiasm around artificial intelligence – and its potential to boost profits – improved investor sentiment. The S&P 500 is up more than 10% year to date. That said, the broad market index stumbled last month as concerns about persistent inflation put pressure on stocks.

Stock Chart IconStock chart icon

SPX year to date

These concerns were quickly allayed by new data and comments from Fed officials indicating that future rate hikes are unlikely.

Related Posts

  • World
  • May 16, 2024
  • 11 views
  • 4 minutes Read
Trump Camp is reportedly 'annoyed'. Biden called his debate bluff

As Americans head to the polls in 2024, the future of our country hangs in the balance. At HuffPost, we believe that a free press is crucial to creating an…

  • World
  • May 16, 2024
  • 9 views
  • 2 minutes Read
Three people died in a small plane crash in Tennessee that left a field of debris half a mile long, officials say

15/05: CBS Morning News 24:11 All three people on board were killed Wednesday when a small plane crashed near Franklin, Tennessee, authorities said. The single-engine Beechcraft V35 crashed around noon…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Cornel West joins DC's reparations protest against Wells Fargo Bank

  • May 22, 2024
Cornel West joins DC's reparations protest against Wells Fargo Bank

Anne Robinson gives away £50million fortune to avoid inheritance tax

  • May 22, 2024
Anne Robinson gives away £50million fortune to avoid inheritance tax

Newsweek Promotes FAKE NEWS Story on Tucker Carlson and… RUSSIA! | The Gateway expert

  • May 22, 2024
Newsweek Promotes FAKE NEWS Story on Tucker Carlson and… RUSSIA!  |  The Gateway expert

How will the violent unrest in New Caledonia affect global nickel prices?

  • May 22, 2024
How will the violent unrest in New Caledonia affect global nickel prices?

Michael Cohen has sworn he has nothing disparaging about Trump, another lie where all testimony ends

  • May 22, 2024
Michael Cohen has sworn he has nothing disparaging about Trump, another lie where all testimony ends

Megyn Kelly Educates Bill Maher on Hillary Clinton's Election Denial (VIDEO) | The Gateway expert

  • May 22, 2024
Megyn Kelly Educates Bill Maher on Hillary Clinton's Election Denial (VIDEO) |  The Gateway expert

SteelSeries releases limited Destiny 2: The Final Shape gear

  • May 22, 2024
SteelSeries releases limited Destiny 2: The Final Shape gear

Elections in South Africa: How Mandela's once revered ANC lost its way

  • May 22, 2024
Elections in South Africa: How Mandela's once revered ANC lost its way

Air Force veteran Monique DeSpain is running against Rep. Val Hoyle for the Oregon House seat

  • May 22, 2024
Air Force veteran Monique DeSpain is running against Rep. Val Hoyle for the Oregon House seat

Russian attacks on Ukraine's power grid hit Kiev with power outages ahead of peak demand

  • May 22, 2024
Russian attacks on Ukraine's power grid hit Kiev with power outages ahead of peak demand

Kellyanne Conway Explains How Joe Biden Lost Independent Voters (VIDEO) | The Gateway expert

  • May 22, 2024
Kellyanne Conway Explains How Joe Biden Lost Independent Voters (VIDEO) |  The Gateway expert