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Home Markets Equities Stock Market

S&P 500 and Dow upsurges amid Inflationary concerns

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
June 9, 2021
in Stock Market
S&P 500 and Dow upsurges amid Inflationary concerns
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As investors debated the effects of rebounding inflation on monetary policy, U.S. equities finished within a hair’s width of a new high, while Treasuries gained.

On Tuesday, the S&P 500 and the Dow both ended the day near the same level. The broad equities index is presently only 0.3 percent below its all-time high of 4,238.04 sets on May 7. Investors are waiting for the next inflation data to see if the rising pricing pressures are only temporary as the economy recovers from the pandemic-induced slowdown.

The 10-year Treasury yield fell to its lowest level in a month, as investors awaited Thursday’s consumer-price data, which might reveal how long the Federal Reserve may delay withdrawing support. Global markets are also approaching all-time highs, and Treasury rates have fallen for three weeks in a row. For the time being, the Fed’s promises appear to be assuaging worries about Fed tightening. However, traders remained cautious ahead of the inflation report on Tuesday, driving the dollar to its first rise in three days.

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The May consumer price index will be revealed on Thursday. According to Dow Jones, economists predict the CPI will jump 4.7 percent from a year ago. The CPI rose 4.2 percent on an annual basis in April, the biggest increase since 2008.

Meanwhile, the meme stock craze intensified on Tuesday, with day traders flocking to Clover Health, which surged 96 percent in a single session amid record trading volumes. Wendy’s, another favoured name among Reddit traders increased by 25%.

Nonetheless, unlike the GameStop trading frenzy in January, which had a widespread influence on the stock market, many on Wall Street feel this incident should be limited to a few names.


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Tags: Dow JonesS&P 500
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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