| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 38647.10 | -65.11 | -0.17% |
| S&P 500 | 5433.74 | 12.71 | 0.23% |
| Nasdaq | 17667.56 | 59.12 | 0.34% |
| VIX | 11.94 | -0.10 | -0.83% |
| Gold | 2319.10 | 1.10 | 0.05% |
| Oil | 77.81 | -0.81 | -1.03% |
US MARKET
Stocks rose on Thursday after a positive inflation report. The producer price index (PPI) fell 0.2% month-over-month, exceeding the forecasted 0.1% decrease.
Tesla stock surged over 6% as Elon Musk announced on X that his $56 billion pay package was nearing approval.
US stocks reached new highs, driven by optimism from cooling inflation data. Wednesday’s consumer price index (CPI) report also showed softness, suggesting the Federal Reserve might cut interest rates this year.
The 10-year Treasury yield dropped two basis points to 4.373%.
Fed officials noted progress on inflation but left interest rates unchanged, with one cut expected in 2024. Investors anticipate two 25-basis-point cuts.
The S&P 500 closed up 0.23%, the Dow Jones finished down 0.17%, and the Nasdaq ended the day up 0.34%.
In other news, GameStop’s cash reserves could boost its earnings. A “black swan” investor predicts the worst stock crash since 1929 after the S&P 500 rally. Experts dispute claims that South Africa’s new policy is a universal basic income program.
In commodities and crypto markets, WTI crude oil was down 0.24% to $78.09 a barrel, Brent crude was up 0.16% to $82.73 a barrel, gold fell 0.20% to $2,318.42 an ounce, and Bitcoin dropped 1.8% to $68,071.62.
The Australian share market rebounded from a two-day sell-off as cooling US inflation outweighed hawkish predictions by the US Federal Reserve.
The S&P/ASX200 index rose 34.2 points, or 0.44%, to 7,749.7, while the All Ordinaries gained 39.4 points, or 0.49%, to 8,002.5.
This gain followed the US Labor Department’s report showing US consumer prices rose 3.3% in the year to May, down from 3.4% the previous month.
Economists found this encouraging, suggesting US inflation is nearing pre-pandemic levels, potentially giving the US Federal Reserve confidence to cut interest rates.