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Stock Market Update Tuesday May 14, 2024

Stock Market Update Tuesday May 14, 2024 Equities rallied by half a percent on the S&P 500, marking the broad market index's eighth positive close in nine sessions, as investors anticipated tomorrow's April Consumer Price Index (CPI) data release. 


Away From Stocks: Government bonds also saw buying interest, with yields easing by three to four basis points across the curve. Meanwhile, West Texas Intermediate (WTI) crude oil prices dipped to $78 per barrel, while gold rebounded to $2,357 per ounce. Bitcoin, the leading digital currency, retreated to $61,600, and the VIX, a measure of market volatility, settled slightly above 13.


Nvidia Stock Bull Flag Ready To Break Out Tomorrow



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Today's release of the April Producer Price Index (PPI) may offer insights into the potential for an upside surprise in the upcoming CPI data, despite the PPI typically being released after the CPI. Notably, Property and Casualty (P&C) insurance, encompassing auto and home insurance, experienced a significant slowdown in growth, registering a 0.1% month-over-month increase in January, February, and March, compared to 0.4% in each of the preceding months. This deceleration is particularly relevant given the Federal Reserve's focus on auto insurance as a lagging indicator of inflationary pressures. The April CPI data may finally reflect this slowdown.

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