[Chart courtesy of MarketWatch.com] For a moment, we saw the S&P 500 trade above its 5,500 level, as the tech rally continued unabated with Nvidia in the lead. However, during this session the tech darling took a dive and scored its worst day in two months. Is it starting to look toppy? In the end, the S&P 500 and Nasdaq …
Nvidia’s Meteoric Rise Leads Market Rally, Dotcom Déjà Vu?
[Chart courtesy of MarketWatch.com] The major indexes opened slightly higher despite disappointing retails sales. While they rose 0.1% in May, expectations were for a more solid 0.2%. This latest result is a sign that consumer demand is weakening, and this 0.1% growth may simply have been the result of inflation. Rising consumer demand is critical for the markets, because without …
Market Resilience Tested As Retail Sales Loom, Yet Majors Rally On Economic Optimism
[Chart courtesy of MarketWatch.com] The indexes were closely hugging their respective unchanged line at the start of the session, as we entered the Holiday shortened week. Some of this uncertainty was based on tomorrow’s release of the May retail sales numbers, which can represent the financial health of the consumer. After the early dip, buyers stepped in and pulled the …
Inflation Eases, Equities Rally: Dow Recovers While Jobless Claims Hit 10-Month Peak
[Chart courtesy of MarketWatch.com] The major indexes wavered with the Dow being the weakling of the day, despite more inflation data showing better-than-expected results. May’s Producer Price Index (PPI), which was anticipated to rise 0.1%, came in lower by 0.2% from the month of April. That sort of confirms the Fed’s view yesterday that “progress has been made on the …
Market Roller Coaster: CPI Stability Spurs Rally, Powell’s Caution Curbs Rate-Cut Fever
[Chart courtesy of MarketWatch.com] The latest CPI report sent stocks higher and bond yields lower, as the index was unchanged for May vs. an expected 0.1% monthly rise. Year-over-year, the increase was 3.3%, which was also lower than the anticipated 3.4%. Even the Fed’s favorite gauge, the core CPI, which excludes volatile components like energy and food, was in line …
Investors Eye CPI Reading And Fed’s Rate Verdict Amidst Tech Stock Surge
[Chart courtesy of MarketWatch.com] The major indexes started the session in the red, with only the S&P and Nasdaq being able to climb out of that early hole and close in the green, as buying picked up late in the session. The Fed started its 2-day meeting on interest rates today with the verdict being announced Wednesday after 11 am …