Indexes Score Record Closes Amid Rate Cut Optimism
The S&P 500 and Nasdaq secured fresh record closes today, thanks to April's consumer price index (CPI) reading that was lighter than expected. The Dow settled higher as well at an all-time high of its own, brushing off flat retail sales as it nabbed a 10th daily win in the last 11 sessions, with investors now optimistic about interest-rate cuts this year.
Continue reading for more on today's market, including:
- A pre-earnings look at this blue-chip retailer.
- Behind Dell Technologies stock's bull note.
- Plus, an options strategy to consider; meme stock pivots lower; and NIO makes wild moves.
5 THINGS TO KNOW TODAY
- In case you missed it: Inflation breakdown for April 2024. (CNBC)
- President Joe Biden and former President Donald Trump will debate twice ahead of the election. (MarketWatch)
- What kind of options strategy is right for you?
- Solar stock pivots lower after short squeeze.
- Behind Nio stock's volatile price action.
There were no earnings of note today.
Gold futures Surge to 3-Week High
Oil prices settled higher on Wednesday, after U.S. crude supplies fell for the second week straight. June-dated West Texas Intermediate (WTI) crude added 61 cents, or 0.8%, at $78.63 a barrel.
Gold futures jumped to a three-week high, after U.S. data showed a slowdown in the inflation rate, which in turn bolstered hopes of interest-rate cuts this year. June-dated gold futures added $35, or 1.%, to trade at $2,394.90 per ounce.
