June 13, 2024
Stock Market

US stocks edge higher as major indexes flirt with record highs

trader, NYSE

Xinhua/Wang Ying/ Getty Images

  • US stocks edged higher on Friday as all three major indices flirt with record highs.

  • Solid earnings, easing inflation, and a resilient consumer have served as a trifecta for higher stock prices.

  • Investors will turn their attention to Nvidia’s earnings report next week to determine if the rally can last.

US stocks edged slightly higher on Friday as traders looked to push major indexes to fresh records.

A trifecta of solid earnings results, easing inflation, and a resilient consumer have helped push stock prices to new records this week. The release of April’s CPI report on Wednesday helped ease concerns about a rebound in inflation, opening the door for a couple interest rate hikes from the Federal Reserve later this year.

Fed Vice Chair Phillip Jefferson and Fed President Loretta Mester will speak this morning, and their comments could offer clues as to when the Fed might consider cutting interest rates.

On Wednesday a lineup of Fed speakers cast some doubt on the timing of cuts, with a number of Fed presidents saying they were comfortable with where monetary policy is, and are in no hurry to ease while inflation is still above the central bank’s target.

Fast forward to next week, and investors will be laser-focused on Nvidia’s earnings report, which could make or break the continued rally in AI stocks. The company is set to report results after the market close on Wednesday.

Reddit stock spiked 14% as the company announced a deal with OpenAI to train artificial intelligence models on its platform.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Friday: 

Here’s what else is going on today:

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil jumped 0.23% to $78.92 a barrel. Brent crude, the international benchmark, rose 0.11% to $83.36 a barrel.

  • Gold edged higher by 0.85% to $2,405.80 per ounce.

  • The 10-year Treasury yield rose 2 basis points to 4.40%.

  • Bitcoin jumped 1.57% to $66,277.

Read the original article on Business Insider

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