Intraday Stock Market Update May 15, 2024 S&P 500, Nasdaq rise to all-time highs after light consumer inflation report: The S&P 500 and Nasdaq Composite hit record highs Wednesday, adding to their strong 2024 performances, boosted by a lighter-than-expected U.S. consumer inflation report.
The broad market index gained 1%, while the tech-heavy Nasdaq rose 1.1%. The Dow Jones Industrial Average climbed 288 points, or 0.7%, and was less than half a percentage point away from hitting an all-time high.
The consumer price index rose 0.3% in April, less than the Dow Jones estimate for a 0.4% monthly increase. The gauge increased 3.4% year over year, in line with expectations. Monthly and yearly figures for core CPI, which excludes volatile food and energy prices, were also in line with expectations.
Retail sales remained flat in April. Economists had anticipated a 0.4% jump.
Both reports bolstered expectations for Federal Reserve rate cuts in the near future. Fed funds futures trading data now suggests a 71.9% likelihood that the U.S. central bank will ease rates at its September meeting, according to the CME Fed Watch Tool. This is up from Tuesday’s 44.9% chance of a rate cut in the same month.
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