{"id":206706,"date":"2024-05-15T09:45:00","date_gmt":"2024-05-15T13:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=206706"},"modified":"2024-05-16T03:59:58","modified_gmt":"2024-05-16T07:59:58","slug":"sp-500-nasdaq-100-hit-record-highs-as-benign-inflation-data-supports-fed-rate-cut-prospects","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/sp-500-nasdaq-100-hit-record-highs-as-benign-inflation-data-supports-fed-rate-cut-prospects\/","title":{"rendered":"S&amp;P 500, Nasdaq 100 Hit Record Highs As Benign Inflation Data Supports Fed Rate Cut Prospects"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S&amp;P 500 and Nasdaq 100 hit fresh record highs, rebounding from April&#8217;s dip.<\/li>\n\n\n\n<li>Softer-than-expected inflation and cooler retail sales boost rate cut expectations.<\/li>\n<\/ul>\n\n\n\n<p>A softer-than-expected April inflation report and cooler retail sales data sparked broad-based rallies in risky assets Wednesday, as traders grew more confident in the likelihood of Fed&nbsp;<a href=\"https:\/\/www.benzinga.com\/markets\/equities\/24\/05\/38842603\/us-inflation-falls-as-expected-in-april-bolsters-fed-rate-cut-bets\" target=\"_blank\" rel=\"noreferrer noopener\">rate cuts this year<\/a>.<\/p>\n\n\n\n<p>Both the S&amp;P 500 and the tech-heavy Nasdaq 100 indices opened the session at fresh record highs, completing their rebound after April\u2019s temporary dip.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-chart-of-the-day-s-amp-p-500-nasdaq-100-rise-to-all-time-highs-as-inflation-looks-less-scary\"><em>Chart of The Day: S&amp;P 500, Nasdaq 100 Rise To All-Time Highs As Inflation Looks Less Scary<\/em><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/image-67-1024x495-1.png\" alt=\" S&amp;P 500, Nasdaq 100 Rise To All-Time Highs As Inflation Looks Less Scary\" class=\"wp-image-206707 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-happened-nbsp\"><strong>What Happened:<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The headline Consumer Price Index (CPI) inflation slowed from 3.5% to 3.4% year-over-year in April 2024, matching estimates. On a monthly basis, it decelerated from 0.4% to 0.3%.<\/p>\n\n\n\n<p>When excluding energy and food items, core inflation cooled from 3.8% to 3.6% year-over-year, as expected, hitting the lowest level in three years.<\/p>\n\n\n\n<p>Simultaneously, the April\u2019s retail sales report indicated a flat monthly change, marking a sharp deceleration from the downwardly revised 0.6% surge in March, and notably below the expected 0.4%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-it-matters-nbsp\"><strong>Why it matters:<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Before Wednesday\u2019s data, traders had anticipated about 50 basis points of rate cuts in the fed funds rate by year-end.<\/p>\n\n\n\n<p>The benign inflation report breaks a concerning three-month streak of higher-than-expected inflation readings and reignites hopes of a steady return to the Fed\u2019s 2% target.<\/p>\n\n\n\n<p>Traders are currently assigning a 73% chance of a first rate cut in September, up from the 62% one a day earlier, according to CME Group\u2019s FedWatch Tool.<\/p>\n\n\n\n<p>Overall money markets currently factor in 55 basis points of rate cuts in 2024, indicating increasing investor bets on a looser Fed policy going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-market-reactions-nbsp\"><strong>Market reactions:&nbsp;<\/strong><\/h2>\n\n\n\n<p>Rate-sensitive 2-year Treasury yields tumbled by 8 basis points to 4.73%, breaking below the crucial 200-day moving average.<\/p>\n\n\n\n<p>Sector-wise, real estate stocks rallied 1.7%.<\/p>\n\n\n\n<p>Energy stocks were the major laggards, down 1.4%.<\/p>\n\n\n\n<p>Blue-chip stocks inched 0.3% higher.<\/p>\n\n\n\n<p>Small caps outperformed larger cap stocks&nbsp;up 1.2%, early April levels.<\/p>\n\n\n\n<p><strong>Bitcoin<\/strong>&nbsp;rallied over 4%.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted  May 15, 2024 &#8211; <a href=\"https:\/\/www.benzinga.com\/markets\/equities\/24\/05\/38845059\/s-p-500-nasdaq-100-hit-record-highs-as-benign-inflation-data-supports-fed-rate-cut-prospects\">S&amp;P 500, Nasdaq 100 Hit Record Highs As Benign Inflation Data Supports Fed Rate Cut Prospects<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S&amp;P 500 and Nasdaq 100 hit fresh record highs, rebounding from April&#8217;s dip. Softer-than-expected inflation and cooler retail sales boost rate cut expectations.<\/p>\n","protected":false},"author":1128,"featured_media":206707,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18,6,8,9,22,26,3],"tags":[77,1685,1081,1539,910],"contributors-categories":[13584],"class_list":{"0":"post-206706","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-fed","15":"tag-macro","16":"tag-nasdaq-100","17":"tag-rate-cut","18":"tag-sp-500","19":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>S&amp;P 500, Nasdaq 100 Hit Record Highs As Benign Inflation Data Supports Fed Rate Cut Prospects<\/title>\n<meta name=\"description\" content=\"S&amp;P 500 and Nasdaq 100 hit fresh record highs, rebounding from April&#039;s dip. 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