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The markets are breathing a sigh of relief amid signs of inflation being under control and trade talk progress. May’s CPI data was better than expected, as inflation inched slightly higher to 2.4% compared with year-ago levels. While inflation was slightly hotter than April’s 2.3% reading, fueled in part by higher grocery prices, the 0.1% increase was better than economists had expected. Price increases in categories like food and shelter were offset by declines in energy, autos, and apparel prices—a shocking development given the current tariffs.
The Nasdaq Composite and S&P 500 are both posting modest gains, while the Dow Jones Industrial Average is retreating slightly.
Technology stocks are in the green. Nvidia (Nasdaq: NVDA) CEO Jensen Huang commented on quantum computing, saying that he expects these powerful computers to solve-real issues in the not-too-distant future. “Quantum computing is reaching an inflection point,” stated Huang during his keynote speech at Nvidia’s developer conference. Quantum stocks like Rigetti Computing (Nasdaq: RGTI) and IonQ (NYSE: IONQ) are enjoying a nice bump today.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 39.49 (-0.09%)
Nasdaq Composite: Up 48.95 (+0.26%)
S&P 500: Up 3.86 (+0.06%)
Market Movers
Chewy (NYSE: CHWY) is falling 11.1% on weaker than expected Q1 net income.
Intel (Nasdaq: INTC) is falling 4% on the day and has lost approximately 28% of its value over the past 12 months.
Starbucks (Nasdaq: SBUX) is gaining 3% on reports that it is exploring interest from other parties in its China business.
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