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Barchart
Rich Asplund

Stocks Climb as the Fed’s Favored Inflation Gauge Falls

US Federal Reserve Inflation United States Dow Jones Industrials Barkin Citigroup ECB Richmond Fed

The S&P 500 Index ($SPX) (SPY) today is up +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.35%.

Stock indexes today are moderately higher, with the S&P 500 and Nasdaq 100 posting 1-week highs as easing US price pressures knocked T-note yields lower and bolstered the chances of Fed interest rate cuts this year.  Today’s economic news showed the US May core PCE deflator, the Fed’s preferred inflation gauge, eased +2.6% y/y from +2.8% y/y in April, right on expectations and the slowest pace of increase in 3 years.

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