The tech-heavy index scored a triple-digit win today
A slightly smaller-than-expected rise in consumer prices injected some optimism into Wall Street today. The Nasdaq saw a triple-digit win as Treasury yields tumbled, while the S&P 500 also finished higher. Meanwhile, the Dow lost 30 points and logged its third-straight day in the red, as some investors worried slowing inflation could be a sign of recession. Traders are now looking ahead to tomorrow's producer price index (PPI), as they continue to monitor the U.S. debt ceiling standstill.
Continue reading for more on today's market, including:
- Upstart stock is a hit with analysts and traders.
- Bull signal says buy restaurant stock on the dip.
- Plus, CELH scores fresh high; and 2 stocks brushing off quarterly wins.
Things to Know Today
- A Food and Drug Administration (FDA) panel of experts unanimously recommended the agency allow women to get birth control pills without a prescription. (CNBC)
- High rent payments are still fueling inflation, up 8.8% in April compared to a year ago, while housing costs were up 8.1% per the Labor Department. (MarketWatch)
- Quarterly results drove Celsius stock to a record high.
- Why Airbnb stock brushed off a top- and bottom-line win.
- Dismal outlook weighed on software stock after earnings.
Oil Prices Fall as U.S. Crude Supplies Rise
Oil prices settled lower on Wednesday, after the Energy Information Administration (EIA) reported U.S. crude inventories rose by 3 million barrels last week for its first gain in four weeks. In turn, June-dated crude dropped $1.15, or 1.6%, to close at $72.56 per barrel.
Gold prices finished lower as well, as the future of interest rates remained unclear after today's inflation report. June-dated gold shed $5.80, or 0.3%, to close at $2,037.10 an ounce.