Nasdaq hits record high, traders await inflation data

From Yahoo Finance: 2024-05-28 17:49:10

The Nasdaq reached a record high while other indexes were mixed on Tuesday. Traders are eagerly anticipating PCE inflation data set to be released on Friday. Additionally, markets will also take in housing data and revised GDP numbers for the first quarter. PCE is projected to rise 2.7% year-over-year, in line with previous readings. Minneapolis Fed President Neel Kashkari delivered hawkish remarks, stating that the central bank should wait for a sustained period of falling inflation before considering rate cuts. In commodities, WTI crude oil rose to $79.09 a barrel, while gold increased to $2,354 per ounce. Bitcoin dropped to $68,212.51.



Read more at Yahoo Finance: Nasdaq hits record ahead of new inflation data