The S & P 500 went further into record territory the day after data showed that inflation continued to rise, putting US equities on track to end the week in a positive way.
What are the main benchmarks doing?
Dow Jones Industrial Average
It increased by 119.50 points (0.4%) to 34,585.74.
S & P 500
Earn 8.08 points, or 0.2% to trade at 4,247.26.
Nasdaq Composite Index
It increased by 9.75 points (0.1%) to 14,030.08.
Thursday, Stock prices rose, S & P 500 rose 0.5% to a record high, achieving the record high finish set on May 7. The Dow Jones Industrial Average recorded an increase of 19.10 points, or 0.1%. The Nasdaq Composite Index rose 0.8%.
What is driving the market?
US consumer inflation over the past year High price of 5% for the first time in 13 years From 4.2% last month. This is the highest level since 2008, when the cost of oil reached a record high of $ 150 per barrel. Prior to that, the last high inflation rate was in 1991.
“Does it mean the market is wrong in anticipation of an imminent decline in inflation in the coming months,” said Ipek Ozkardeskaya, senior analyst at Swiss Quart Bank.
“It’s possible, but the market is sticking to that position. Inflation is the two main drivers of used car prices and energy and commodities, which explain some of the current rise in the US consumer price index. It should be relaxed soon. [prices] We need to integrate and ideally withdraw from the high standards over the years, “she said in a memo.
This helps explain the yield on 10-year Treasuries
Analysts said inflation was below 1.45% despite rising inflation.
Meanwhile, a bipartisan senator group (five Democrats and five Republicans) is 579 billion as negotiators seek to trade nearly $ 1 trillion on President Joe Biden’s top priorities. We are driving an infrastructure plan with new dollar spending. According to the people who explained the plan..
The talks between Biden and the Senate Republican Party broke down earlier this week.
Following Thursday’s data fireworks, the US economic calendar is bright. A preliminary reading of the Consumer Psychology Index for June is scheduled for 10 am Eastern Standard Time.
Which company is paying attention to?
Share Chewy Inc.
Pet product retailers fell 1.7% after surprised Wall Street late Thursday In quarterly profit, But it said it faces labor shortages and supply problems that led to running out of some items.
It increased by 5.7% after decreasing by 22.2% in the last two sessions.Stocks and other meme stocks were hit after Thursday GameStop Corp.
Securities and Exchange Commission Investigate “trading activity” around stocks And those of other companies. GameStop’s share price rose 2.5% after falling 27.2% on Thursday.
What are the other markets doing?
10-Year Government Bond Yield
It fell 0.9 basis points to 1.454%. Yields and bond prices move in opposite directions.
ICE USD Index
Currency readings for the baskets of the six major rivals rose 0.3%.
Traded oil futures traded at high prices in US benchmarks
$ 70.46 a barrel, up 0.2%.Gold futures
It fell 0.6% at $ 1,885.70 an ounce.
European stocks rise, continent-wide stocks Europe 600
London FTSE 100 up 0.7%
In Asia, Shanghai Composite
Hong Kong’s Hang Seng Index fell 0.6%
Japan’s Nikkei 225, up 0.4%
A slight loss was seen.
S & P 500 pushes further into record territory as US stocks rise
Source link S & P 500 pushes further into record territory as US stocks rise