Inflation Cools, Stocks Surge on Positive CPI Report

Inflation Cools, Stocks Surge on Positive CPI Report
Inflation Cools, Stocks Surge on Positive CPI Report

At midday Wednesday, the major benchmarks were broadly higher amid a softer consumer inflation print for April and lower bond yields. The Consumer Price Index rose 0.3% in April, lower than the 0.4% consensus and matching the prior month's 0.3% increase. The year-over-year figure came in at 3.4%, in line with the consensus. Shelter inflation remained elevated in April, rising 5.5% on an annual basis, with higher interest rates making housing less affordable. Prices for gas and insurance also remained on the high side from the prior month, while consumers got some relief from falling prices for new and used cars as well as household furnishings. After three consecutive monthly consumer inflation readings above expectations, the April report is a reprieve, although the Federal Reserve has said it will be looking for a consistent trend toward the 2% annualized level before lowering interest rates. Elsewhere, the Department of Commerce reported that retail sales in April were flat with the prior month, below the 0.4% consensus and the

newsid: 458h9k56a2ahels

Related stories
42 minutes ago - Every restaurant investor is looking for the next Chipotle Mexican Grill (NYSE: CMG). The fast-casual restaurant chain has posted phenomenal returns...
1 hour ago - The Dow Jones Industrial Average is coming off of a notable week, having reached an all-time high on Thursday and a close above 40,000 on Friday.
1 hour ago - (Bloomberg) -- Asian stocks were mostly higher in early trading after US equities notched a fresh record amid resilient corporate earnings and as China took steps to shore up its property market. Most Read from BloombergIran’s President Missing After Helicopter Crash in Dense FogEven If Alito Is Right, the Upside-Down Flag Was WrongGantz Says He’ll Quit Unless Netanyahu Moves to New War PlanChina-Bound Oil Tanker Hit by Houthi Missile in Red Sea, US SaysSaudi King to Receive Treatment at Palace
3 hours ago - More consumers are saving their workday lunch money to burn when they’re off the clock.
4 hours ago - Broadly speaking, the global backdrop for Asian markets is still bright, with investors confident that the Fed will soon cut U.S. interest rates keeping the dollar, bond yields and volatility in check, and boosting risk assets. But there's a cloud that shows no sign of lifting: China. The economic "data dump" from Beijing on Friday showed that China's recovery is sputtering - investment growth slowed, retail sales expanded at the slowest pace since late 2022, and new home prices fell at the fastest rate in nine years.
Other stories
18 minutes ago - GameStop (NYSE:GME) stock doesn’t seem to do anything in half measures. Following a long absence, a recent tweet by Roaring Kitty, the person largely responsible fo...
42 minutes ago - My bologna has a first name, it's O-S-C-A-R...We all recognize the famous Oscar Mayer jingle. But the brand has much more than bologna. It also has...
1 hour ago - Ripple saw substantial progress in numerous aspects during Q1. Will XRP see green as progress is made in Q2?
1 hour ago - There was a significant surge in activity on the Cardano network over the past few days. Will ADA rise again?
1 hour ago - Copper is emerging as the next indispensable industrial commodity, mirroring oil’s rise in earlier decades, a top commodities analyst said. This...