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US Stock Indexes Surge Amid the Wait for Inflation Figures From the Federal Reserve

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According to a Reuters report, the US stock indexes rises on Monday, May 13.

Notably, some stocks made some reclaims, resulting in almost record highs amid the wait for major inflation figures this week

The indexes are close to the all-time highs as of March this year with impressive records of accumulated gains.

Moreover, the labor market reflects some cooling signs triggered by a possible Federal Reserve cut on rates later in the year.

Overall, the Nasdaq saw 84 new highs and 25 new lows while S&P 500 recorded 22 new 52-week highs and no new lows.

As of 09:40 AM ET, the Dow Jones Industrial Average hit 39,580.92, after 68.08 points or 0.17% surge.

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Also, the S&P 500 rose to 5,226.28 after gaining 3.32 points or 0.06%.

Similarly, the Nasdaq Composite spiked to 16,354.63 after reclaiming 13.76 points or 0.08%.

Arm Holdings rose by 5% as Nikkei announced its plans to manufacture AI chips to launch next year.

Apple gained by 1% following a Friday report about the firm’s deal with OpenAI to utilize its technology on the iPhone.

However, Alphabet plummeted by 2.2% amid Microsoft-backed OpenAI plans to disclose its AI-powerd search product.

Also, Communication service stocks followed with a 1.3% decline.

The Wait for Inflation Data from the Federal Reserve

The US Federal Reserve will release the inflation data on Wednesday, May 15.

Reuters poll of economist forecasts anticipates a 0.3% increase in the core consumer prices on a month-over-month basis for April.

Also, the poll expects the yearly rise to hit 3.6%.

Further, the data will contain other economic readings such as retail sales, monthly producer prices, and weekly jobless claims.

Thoma Hayes, the chairman of Great Hill Capital LLC is optimistic about the upcoming data.

Hayes stated: “Not only is earnings coming better than anticipated, but the outlook has been raised. Market likes that but also needs to get some level of comfort that inflation is not back up and potentially going down to give the Fed cover for at least one or maybe two cuts before the end of the year.

Meanwhile, Fed policymakers disclosed they won’t raise interest rates in the next policy move. However, it’s still uncertain when the first cut will be.

 

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