- The S&P 500 and Nasdaq are on track for their fourth-straight session of gains Friday after the Federal Reserve’s preferred inflation gauge showed that inflation cooled in May. Entering the final trading day of the second quarter, the S&P 500 has climbed 15% year to date while the tech-heavy Nasdaq has advanced 19%. The laggard Dow is up just 3.8%.
- The core PCE index in May rose 2.6% year over year, matching Wall Street estimates and representing the lowest annual increase since March 2021. In April, the inflation measure rose 2.8% annually.
- The CME FedWatch tool still indicates that the market expects the Fed to make its first rate cut during this inflation-fighting campaign in September. The Fed’s post-June meeting projections were for one cut by the end of the year.
- Nikedisaster. What is going on here? The Dow stock sank more than 15% after the company missed on quarterly revenue and forecast …
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