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Traders woke up on Wednesday to new updates on last month’s inflation and retail sales trends, indicating slowing price pressures and a weaker-than-expected consumer spending in the U.S.
As a reminder, the headline inflation rate slowed as predicted from 3.5% to 3.4% year-on-year in April 2023, while retail sales showed a flat month-on-month reading, sharply decelerating from the previous 0.6% and the expected 0.4% rise.
The data triggered positive market reactions as traders bolstered their rate-cut convictions. The S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), and the tech-heavy Nasdaq 100, as monitored through the Invesco QQQ Trust (NASDAQ:QQQ), rallying 0.8% and 0.9%, respectively, with both indices hitting fresh record highs.
Notably, bonds rocketed as Treasury yields tanked, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) up by 1.2%, eyeing its top-performing session since early …
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