Wall Street Looks Past Inflation Angst Before PPI: Markets Wrap
- Both US retail sales and industrial production showed declines
- Homebuilder sentiment climbed to six-month high in February
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Wall Street traders looked past mixed economic data, sending stocks and bonds higher before an inflation reading that will help define the Federal Reserve’s next steps.
The S&P 500 hit another record — despite losses in its most-influential group: technology. A drop in retail sales helped soothe investors’ nerves about overheated consumer demand — especially after all the jitters caused by a strong inflation print earlier this week. Bonds saw small moves, with Fed swaps fully pricing in a rate cut in June. The dollar fell.