US Stocks Mixed After Post-CPI Rally; More Inflation Cues on Tap
U.S. Equities Experience Mixed Trading
U.S. equities showed a mix of results in early Wednesday trading following a surge in Wall Street indexes on Tuesday. Despite a stronger-than-expected consumer inflation reading, upcoming factory inflation and retail sales data are poised to provide further tests.
Technology Stocks Propel Wall Street
In a boost to Wall Street, technology stocks saw gains after optimistic comments on artificial intelligence from Oracle Corporation and NVIDIA Corporation. Both companies reported positive quarterly earnings, with Oracle hinting at a joint announcement with NVIDIA, leading to a surge in their stock prices.
S&P 500 Reaches Record High Amid Tech Strength
The S&P 500 hit a record high on Tuesday, driven primarily by the strength of technology stocks, which offset concerns over a higher-than-expected consumer price index reading. Tech stocks led the charge, with the Nasdaq closing up significantly.
PPI Inflation and Retail Sales Data Awaited
Focus now shifts to upcoming data on producer price index inflation and retail sales, which will offer further insights into inflation trends and consumer spending strength. Traders are closely watching for any signs that could impact the likelihood of a June rate cut by the Federal Reserve.
Tesla Sees Morning Weakness, Intel Lags
Tesla Inc experienced a decline after a downgrade by Wells Fargo, while NVIDIA and Intel Corporation also faced fluctuations in their stock prices. These movements in the market reflect ongoing developments in the tech sector.
