Business

Stock market today: Nasdaq hits record ahead of new inflation data

May 28, 2024

Traders are awaiting a barrage of economic data points this week.Michael M. Santiago/Getty

The Nasdaq hit a record in early trading on Tuesday while other indexes were mixed.
Traders are awaiting PCE inflation data on Friday.
Markets will also digest housing data and revised GDP numbers for the first quarter.

Stocks were mixed on Tuesday with the Nasdaq hitting records in early trading as traders looked to several big data points in the coming day that could sway markets.

The headline event for investors will come at the end of the week when the Bureau of Economic Analysis publishes the personal consumption expenditure price index for April. The consumer price index earlier this month showed some encouraging signs, and PCE — which is the Federal Reserve’s preferred measure of inflation — will be key in helping markets gauge the path of Fed policy.

Expectations are for PCE to be in-line with the previous month’s reading, rising 2.7% year-over-year.

Before that, though, markets will digest revised economic growth data for the first quarter, as well as housing data in the form of the Case Shiller home price index.

Also this week, another round of Fed speakers will deliver commentary on the path of the economy, inflation, and interest rates. On Tuesday morning, Minneapolis Fed President Neel Kashkari delivered some hawkish remarks in an interview with CNBC, saying the central bank should see many months of falling inflation before cutting rates. He added nothing is off the table, including rate hikes, if inflation doesn’t show more progress.

“I’m not seeing the need to hurry and do rate cuts. I think we should take our time and get it right,” Kashkari said.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

Here’s what else is going on today:

In commodities, bonds, and crypto:

West Texas Intermediate crude oil jumped 1.7% to $79.09 a barrel. Brent crude, the international benchmark, was higher by 0.4% to $83.45 a barrel.
Gold edged higher by 0.9% to $2,354 per ounce.
The 10-year Treasury yield fell one basis point to 4.457%.
Bitcoin dropped 0.5% to $68,212.51.