S&P 500 Rally Hits a Wall in Run-Up to CPI Report: Markets Wrap
- Medium-term inflation expectations lowest in 11 years of data
- Nasdaq 100 underperforms; Bitcoin extends rally to $50,000
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Wall Street kicked off the week with small moves in stocks, bonds and the dollar ahead of inflation figures that will help define the scope and timing of Federal Reserve rate cuts.
Less than 24 hours before the consumer price index, the S&P 500 wavered. While the data is expected to underscore further disinflation, traders remained unwilling to commit to big bets. That sense of caution also prevailed after five straight weeks of gains that drove equities above overbought levels, triggering some calls for at least consolidation.