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Investors can breathe a sigh of relief on Thursday as last month’s Producer Price Index (PPI) inflation turned out slightly lower than expected, albeit with some caveats across different measures within the basket.
Stocks rebounded by noon trading in New York, yet the surge fell short of recovering Wednesday’s losses, indicating lingering nervousness regarding the rate-path outlook.
Traders have significantly adjusted their expectations for the Fed’s future actions in the past 24 hours, pushing the potential first-rate cut from June to September, with less than two cuts priced in by year-end.
The tech-heavy Nasdaq 100 outperformed the broader market, up 1.2%, driven by a rally in the semiconductor industry, with Nvidia Corp. (NASDAQ:NVDA) surging 3.1% following a 2% increase the previous day.
Treasury yields stayed flat in the short-end, while inching higher in the long-end of the curve, triggering further declines in long-dated Treasury bonds. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) was down 0.2%, on track to the lowest close in nearly six months.
The U.S. dollar index (DXY) held broadly steady. In Europe, the European Central Bank (ECB) hinted at a potential interest-rate cut in June, pushing back fears of delay linked to U.S. inflation and the Fed’s actions.
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), continued to show strong resilience, rising nearly 1% on track to a new record-high close. Bitcoin (CRYPTO: BTC) softened 0.5% to $70,200.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,231.11 | 1.2% |
Russell 2000 | 2,044.59 | 0.8% |
S&P 500 | 5,192.43 | 0.6% |
Dow Jones | 38,482.85 | 0.0% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% to $517.50, the SPDR Dow Jones Industrial Average (NYSE:DIA) flat at $384.83 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 1.2% to $443.69, according to Benzinga Pro data.
Sector-wise, the Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up 1.4%, while the Energy Select Sector SPDR Fund (NYSE:XLRE) fell the most, down by 0.4%.
Image generated using artificial intelligence via Midjourney.
Posted In: $BTC ALPN DIA GL GLD KMX NKE NKLA NVDA PARA QQQ SPY TLT VRTX XLK XLRE XLY