S&P 500 Gets Close to All-Time High Before Key CPI: Markets Wrap
- Tech megacaps lead gains in stocks as bonds yields decline
- Producer prices top forecasts, but details offer some relief
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A rally in big tech drove stocks close to their all-time highs as bond yields fell, with investors awaiting key inflation data for clues on the Federal Reserve’s next steps.
In the run-up to the consumer price index, Wall Street shrugged off a mixed reading on producer inflation and Jerome Powell’s signals that interest rates will be higher for longer. The S&P 500 traded just a few points away from its record, with Tesla Inc. and Nvidia Corp. leading gains in the “Magnificent Seven” cohort of megacaps. Meme-stock traders once again piled into GameStop Corp. and AMC Entertainment Holdings Inc.