Stocks rise as inflation cools, potential rate cut anticipated by investors.

From Yahoo Finance: 2024-06-28 10:59:02

US stocks rose on Friday as inflation eased in May and investors digested the Biden-Trump debate fallout. The S&P 500 and Nasdaq are nearing record highs, while the Dow Jones lost slightly. The Fed’s preferred inflation metric, the core PCE index, rose 0.1% in May, slower than the 0.3% increase in April. President Biden’s weak debate performance boosted shares of Trump Media & Technology. On the downside, Nike stock plummeted after projecting a sales decline in 2025.

Investors are anticipating a potential rate cut later this year as the Fed’s preferred inflation gauge showed prices rose more slowly in May. The S&P 500 and Nasdaq rose 0.1% and 0.3%, respectively. In May, the core PCE index rose 0.1% from the previous month, while annual core PCE increased 2.6% in May. Shares of Trump Media & Technology surged after Biden’s lackluster debate performance. Nike shares plunged nearly 20% after the company projected a sales decline in 2025.



Read more at Yahoo Finance: Stocks rise as key Fed-watched inflation data keeps cooling