S&P hits record as inflation surges by most since 2008
Consumer prices rose 5% annually in May
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The S&P 500 rallied to a record high Thursday as traders shrugged off the fastest annual increase in consumer prices in over a decade.
The S&P 500 climbed 0.47% to edge out its all-time high by less than 8 points. The Dow Jones Industrial Average, meanwhile, advanced 19 points, or 0.06%, and the Nasdaq Composite rose 0.78%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 47850.94 | -31.96 | -0.07% |
| SP500 | S&P 500 | 6857.12 | +7.40 | +0.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23505.1358 | +51.04 | +0.22% |
The consumer price index in May rose 5% annually, the most since August 2008, according to the Labor Department. Prices were up 0.6% month over month. The hot readings put next week's Federal Reserve meeting in focus.
In stocks, GameStop Corp. shares were pressured after the video game retailer announced plans to sell 5 million shares. The stock was also hit by news that the U.S. Securities and Exchange Commission requested documents and information related to the retail-trading frenzy that has caused heightened volatility in so-called meme stocks that also include AMC Entertainment Holdings Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 22.95 | -0.26 | -1.12% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 2.33 | +0.05 | +2.19% |
Elsewhere, United Airlines Holdings Inc. is in talks to buy at least 100 Boeing 737 Max jets, according to reports. The order could also include dozens of Airbus A321neo jets.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 104.73 | -3.75 | -3.46% |
Online pet product retailer Chewy Inc. will report its quarterly results after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CHWY | CHEWY INC. | 33.29 | -0.66 | -1.94% |
West Texas Intermediate crude oil rose 33 cents to $70.29 a barrel and gold edged up $1 to $1,894.20 an ounce.
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In Europe, Germany’s DAX 30 slipped 0.06% and France’s CAC 40 lost 0.26% after the European Central Bank kept both its bond-buying program and interest rates on hold despite a recent uptick in inflation. Britain’s FTSE 100 was up 0.1%.
Asian markets ended mixed, with Hong Kong’s Hang Seng index slipping 0.01%, Japan’s Nikkei 225 rising 0.34% and China’s Shanghai Composite climbing 0.54%.