"With uncertainty over the war, higher inflation, and oil prices back above $100, most of the major indices are red. The S&P 500, for example, is down about 0.08%, or about six points. The SDPR S&P 500 ETF ( SPY | SPY Price Prediction) is down 0.65%, or by about 48 cents. The Dow is down 0.51%, or by 256 points. However, the Nasdaq is up about 0.11%, or by 30 points."
"Not only did CPI come in hotter than expected, but wholesale inflation jumped about 6% on an annual basis - its biggest jump since 2022. The PPI jumped a seasonally adjusted 1.4% for the month, which was higher than the 0.5% expected. Excluding volatile food and energy, core PPI was up 1%, as compared to 0.4% estimates."
"Energy prices were up 3.8% in April, and about 18% year over year. That's why most of the markets are struggling again."
"Tech Stocks Continue to Push Aggressively Higher The good news - chip stocks are still gaining quite a bit of strong momentum. Part of the reason for that is that Nvidia CEO Jensen Huang joined President Trump on his trip to China to meet with China's President Xi Jinping. It's part of the reason why shares of Nvidia are up another $3.12 in premarket."
Major market indices are trading lower amid uncertainty about war conditions, higher inflation, and oil prices above $100. The S&P 500 is slightly down, the Dow is down more noticeably, and the Nasdaq is modestly higher. CPI results came in hotter than expected, and wholesale inflation rose about 6% year over year, the largest increase since 2022. PPI increased 1.4% for the month versus 0.5% expected, and core PPI rose 1% versus 0.4% estimates. Energy prices rose 3.8% in April and about 18% year over year. Chip stocks continue to rise, supported by Nvidia’s momentum tied to leadership engagement and reiterated analyst ratings ahead of earnings.
Read at 24/7 Wall St.
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