US stock indexes rise as May inflation data slows

Investing.com – U.S. stock indexes rose during the moment on Tuesday, after fresh inflation data showed price pressures slowed again in May, adding to investor optimism that the Federal Reserve may skip an interest rate hike when it decides on monetary policy. the week.

It rose 119 points, or 0.4%. While the S&P 500 rose 0.4%, it rose 0.3%. The S&P 500 and Nasdaq had their highest closes since April 2022 on Monday.

Technology stocks led the way as inflation easing and expectations of stabilizing interest rates boosted optimism in the sector. Shares of Oracle (NYSE:) jumped 2.5 percent after beating experts’ estimates for the fourth quarter of the fiscal year. Shares of Netflix (NASDAQ:) and Meta rose 1.8% and 0.2%, respectively.

Lucid shares fell 0.32% to $6.25.

Also read:

The Nasdaq and the Nasdaq Composite jumped 0.9% and 1.5%, respectively, to end at their highest level in 13 months on Monday. The Dow Jones added 189.55 points, or 0.56%. The S&P 500 is now up more than 24% from its October low.

Also read:

inflation data

US inflation data slowed down compared to April data, which gives the Fed a hint of success in controlling inflation and bringing it down to lower levels.

However, the Fed’s target is still far away, as the Fed wants to bring down inflation to 2%.

Tuesday’s report showed that the May consumer price index rose 4% year-on-year, marking the slowest annual rate since March 2021. Following the report, traders increased their bets that the Fed will keep interest rates unchanged on Wednesday after raising rates in 10 meetings. Consecutive. The latter odds give a 99% chance that the central bank will maintain interest rates at the current target rate of 5% to 5.25%, according to the Fed Interest Tracking Tool on Investing Saudi Arabia.

markets now

It fell by 0.23% to 1965 dollars an ounce.

While spot contracts fell by 0.29% to 1951 dollars an ounce.

On the other hand, it decreased by 0.36% to 102.847 points.

It rose by 3.8% to $74.58 a barrel.

Texas crude rose by 3.9% to $69.73 a barrel.

Saudi Investing offers you a free course to learn how to profit in the currency, gold and stock markets through Japanese candlesticks.

Reserve your seat now to learn how to deal with price action, know the best Japanese candlesticks, and differentiate between real and fake candles.

All you have to do is register in minutes: click here