S&P 500 sets a fresh record despite hotter-than-expected CPI
Despite data indicating the latest CPI numbers were hotter-than-expected, major US equity indexes closed higher Tuesday with the S&P 500 notching its 17th record high of 2024. While the latest inflation reading was higher than expected, it wasn’t as high as investors had feared, and many continue to expect cuts to interest rates will begin sometime this year.
The Dow Jones Industrial Average advanced 235.83 points, or 0.61%, to close at 39,005.49. The Standard & Poor’s 500 gained 57.33 points, or 1.12%, to close at 5,175.27. The Nasdaq Composite jumped 246.36 points, or 1.54%, to close at 16,265.64.
In the commodities market, soybean futures jumped Tuesday on short-covering and technical trading. Meanwhile, wheat futures were mixed, still drawing strength from technical positioning and short covering, but analysts indicated market fundamentals were weak. Corn futures were mostly flat.
US crude oil prices were lower Tuesday, with the April West Texas Intermediate light, sweet crude future easing 37¢ to close at $77.56 per barrel. The US dollar index closed higher again on Tuesday.
US gold futures paused their meteoric rise and closed lower Tuesday, with the April contract falling $22.50 to close at $2,166.10 per oz.
Overall, despite some economic uncertainties, the US equity markets continue to show resilience and strength, with investors remaining optimistic about the future. Stay tuned for more updates on the financial markets and commodity trading.