Good MorningA soft inflation report led the S&P 500 to a new high. The April reading of CPI was as expected, which means cooler on a month-to-month basis and compared to last year. Consumer-level inflation is not gone, but the pace of deceleration is promising. It points to a soft landing and the FOMC lowering interest rates later this year. The news sent the S&P 500 up more than 1%, taking it to a new all-time high and setting the market up for a summer rally.
With the S&P 500 at a new high, the question becomes how high it can get. Technically speaking, the latest rally was worth about 225 index points before the breakout, putting the first target near 5,500. That may be reached within a few weeks. The next major hurdle for the market will be the FOMC meeting in June. That meeting should bring word of when to expect the first cuts. The risk is that PCE won't align with the CPI, or the FOMC won't view the data favorably enough to think a cut is warranted.
Featured: Most stocks suck (DTI) 
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Markets | | | McDonald’s (NYSE: MCD) is a great stock, but investing in MCD directly isn't the only way to buy into its success. With Arcos Dorados (NYSE: ARCO), you can get MCD exposure for cheaper and with a more robust growth outlook. Arcos Dorados is the brand's largest independent franchise operator a... Read the Full Story >> |
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Markets | | | Nextracker (NASDAQ: NXT) shares surged more than 10%, giving signs of bottoming and reversal that could return the market to its all-time highs. The surge is driven by strength in results, including a solid outlook for demand and a growing backlog that will keep the company business for the next few... Read the Full Story >> |
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Markets | | | It’s hard to believe that a company in the utilities sector can be trading up 142.5% year-to-date, but it is happening for integrated retail electricity and power generation company Vistra Co. (NYSE: VST). After acquiring Dynegy in 2018, Vistra became the largest competitive power generator i... Read the Full Story >> |
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Stocks | | | Warren Buffett's Berkshire Hathaway on Wednesday revealed a new $7 billion stake in fellow insurer Chubb.Berkshire disclosed the investment it has been building over the past nine months in a quarterly filing with the Securities and Exchange Commission. Buffett's conglomerate had received permission... Read the Full Story >> |
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Markets | | | Argentina's monthly inflation rate eased sharply to a single-digit rate in April for the first time in half a year, data released Tuesday showed, a closely watched indicator that bolsters President Javier Milei's severe austerity program aimed at fixing the country's troubled economy.Prices rose at ... Read the Full Story >> |
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Markets | | | Share opened lower Thursday in Europe after most Asian benchmarks gained, tracking a Wall Street rally driven by hopes that inflation is heading back in the right direction.The optimism came from a report Wednesday showing U.S. consumers had to pay prices for gasoline, car insurance and everything e... Read the Full Story >> |
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Markets | | | Global financial services provider Morgan Stanley (NYSE: MS) is the sixth-largest financial institution in the United States and the 39th-largest bank worldwide. The finance sector leader competes with Goldman Sachs Group Inc. (NYSE: GS), JP Morgan Chase & Co. (NYSE: JPM) and retail broker ... Read the Full Story >> |
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Tech | | | Fintech giant Block Inc. (NYSE: SQ) delivered a solid Q1 2024 earnings report that caused shares to gap 8.5% before profit-taking set in. The action mirrored the reaction to its business services sector competitor PayPal Holdings Inc.'s (NASDAQ: PYPL) results. However, unlike PayPal, Block shares we... Read the Full Story >> |
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Markets | | | Investments in weapons manufacturers and a wide array of other companies by the University of California targeted by students protesting the Israel-Hamas war represent $32 billion - or nearly one-fifth - of the system's overall assets, the system's chief investment officer says.UC Chief Investment O... Read the Full Story >> |
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Markets | | | The head of Brazil's state-controlled oil and gas giant Petrobras has stepped down, the company said Wednesday, following months of tensions with the federal government. Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO ... Read the Full Story >> |
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Thursday's Early Bird Stock Of The Day Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. | | View Today's Stock Pick |
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