S&P 500, Nasdaq open at record highs as markets cheer inflation data
Nasdaq touching fresh record highs on Wednesday after benign consumer prices data reassured investors inflation was cooling, boosting hopes for rate cuts from the Federal Reserve later this year.
The S&P 500 was 0.9% higher in early trading Wednesday. The Dow Jones Industrial Average was up 362 points, and the Nasdaq composite was 1.1% higher.
At 9:32 a.m. ET, Dow e-minis were up 346 points, or 0.89%, S&P 500 e-minis were up 45.75 points, or 0.85%, and Nasdaq 100 e-minis were up 177.75 points, or 0.92%.
Treasury yields tumbled in the bond market after the report showed U.S. consumer prices rose 3.3% last month versus a year earlier, slightly less than expected. The Federal Reserve is making its latest announcement on rates later Wednesday, but it’s expected to stand pat for now.
More to come....
(You can now subscribe to our ETMarkets WhatsApp channel)
Read more on economictimes.indiatimes.com
