What to Watch Today
The S&P 500 and the Nasdaq Composite had another winning day on Thursday, notching new record highs.
The gains came as investors had more economic data to weigh. Producer prices slipped in May, in another sign of cooling inflation. Jobless claims, meanwhile, unexpectedly rose.
Treasury yields fell, with the 10-year and 2-year yields at their lowest level in more than two months.
Gamestop stock gained, even after the livestream for its shareholder meeting crashed. Broadcom shares were up 12% after the company reported second-quarter earnings.
And it’s a big day for Tesla. Investors will be watching its shareholder meeting for news about the vote on CEO Elon Musk's $56 billion pay package.
For live coverage and analysis, click here.
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4 hours ago
By
Connor Smith
The S&P 500 and Nasdaq Composite are notching a streak of records.
The S&P 500 rose 0.2%, marking its fourth record close in as many days. The Nasdaq Composite rose 0.3%, marking another record close in step with the S&P. The Dow Jones Industrial Average, which hasn’t set a record since it hit 40,003.59, was down 66 points, or 0.2%.
It’s the longest such streak for the S&P 500 since it set records in five-straight sessions in January. The Nasdaq is riding its longest streak of records since Nov. 8, 2021 when it marked eight record closes in a row, according to Dow Jones Market Data.
Sure, it’s easier to set a record close after you set one the previous day because any move higher counts as a fresh milestone. But the direction is upbeat for investors.
What was less upbeat was breadth. Well over half of the S&P 500’s members declined on Thursday. Information technology was the index’s leading sector thanks to Broadcom’s earnings. The report showed a boom in AI demand, which boosted stocks that investors believe will benefit from investment in the technology.
The yield on the 2-year Treasury note was down to 4.686%. The 10-year yield was down to 4.239%. Bond yields declined again after initial jobless claims came in higher than expected and the latest update on producer prices was cooler than expected.
The Federal Reserve will need to see the latest signs of cooling inflation data continue over the coming months before they start cutting interest rates. Central bankers signaled on Wednesday they only forecast a single 25 basis point cut this year, compared to a March estimate of three.
4 hours ago
By
Paulo Trevisani, Dow Jones Newswires
Treasury yields fall as signs accumulate that U.S. inflation could be cooling faster than expected.
Producer prices contracted 0.2% in May, following yesterday's CPI downward surprise. Even as the Fed projects only one interest rate cut this year, markets keep pricing two of them, likely starting in September.
Tomorrow, the University of Michigan preliminary consumer survey is expected to increase to 71.5 from 67.4, in a Wall Street Journal survey.
Today, the 10-year yield declines 0.055 percentage point to 4.239% and the two-year falls 0.062 p.p. to 4.686%, both down for three consecutive days and at their lowest level in more than two months.
5 hours ago
By
Anthony Harrup, Dow Jones Newswires
Crude oil futures gain modestly in a session of ups and downs, with participants navigating this week's conflicting demand outlooks, hawkish Fed, and unexpected builds in U.S. crude and gasoline stocks.
OPEC kept its demand growth estimate at 2.2 million barrels a day, while the Paris-based IEA cut its projection to 960,000 barrels a day from 1.1 million barrels a day.
Ritterbusch views global oil balances on the bearish side, and sees risk of less adherence to OPEC quotas as summer advances, "especially with estimated U.S. production increasing last week for the first time in about three months."
WTI settles up 0.2% at $78.62 and Brent rises 0.2% to $82.75.
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