S&P 500, Nasdaq 100 Hit Record Highs As Benign Inflation Data Supports Fed Rate Cut Prospects (UPDATED)
Portfolio Pulse from Piero Cingari
The S&P 500 and Nasdaq 100 indices hit record highs following a softer-than-expected April inflation report and cooler retail sales data, increasing the likelihood of Fed rate cuts this year. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) rose 0.5%, while Advanced Micro Devices Inc. (AMD) and Tesla Inc. (TSLA) were top performers within the S&P 100. The SPDR Dow Jones Industrial Average ETF (DIA) inched 0.3% higher, and the iShares Russell 2000 ETF (IWM) rose 1.2%. The SPDR Gold Trust (GLD) also saw a 0.6% increase.
May 15, 2024 | 1:39 pm
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POSITIVE IMPACT
Advanced Micro Devices Inc. (AMD) was one of the top-performing stocks within the S&P 100 following the positive market sentiment from softer inflation data.
AMD's performance is boosted by the overall positive market sentiment driven by softer inflation data, which increases the likelihood of Fed rate cuts.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
The SPDR Dow Jones Industrial Average ETF (DIA) inched 0.3% higher following the positive market sentiment from softer inflation data.
The DIA ETF tracks the Dow Jones Industrial Average, which saw gains due to positive market sentiment from softer inflation data, indicating potential Fed rate cuts.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The SPDR Gold Trust (GLD) rose 0.6% as gold prices increased following a decline in the U.S. dollar index.
The GLD ETF tracks gold prices, which increased due to a decline in the U.S. dollar index, driven by positive market sentiment from softer inflation data.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The iShares Russell 2000 ETF (IWM) rose 1.2% as small caps outperformed larger cap stocks following the positive market sentiment from softer inflation data.
The IWM ETF tracks the Russell 2000 index, which saw significant gains as small caps outperformed larger caps due to positive market sentiment from softer inflation data.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) rose 0.5% as the Nasdaq 100 index hit a record high following softer-than-expected inflation data.
The QQQ ETF tracks the Nasdaq 100 index, which hit a record high due to positive market sentiment from softer inflation data, indicating potential Fed rate cuts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) rose 0.5% as the S&P 500 index hit a record high following softer-than-expected inflation data.
The SPY ETF tracks the S&P 500 index, which hit a record high due to positive market sentiment from softer inflation data, indicating potential Fed rate cuts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Tesla Inc. (TSLA) was one of the top-performing stocks within the S&P 100 following the positive market sentiment from softer inflation data.
TSLA's performance is boosted by the overall positive market sentiment driven by softer inflation data, which increases the likelihood of Fed rate cuts.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70