Indices close exceptional first half of 2024 with losses even after encouraging inflation report

• US indices ended the day lower, despite market enthusiasm over the latest PCE data.

• Overall and core personal consumption expenditures increased by 2.6% year-on-year.

• The stock market closed the first half of 2024 strong, with the S&P 500 up nearly 15%.

U.S. stock prices fell on Friday after temporarily hitting new records as investors celebrated the latest inflation report.

The personal consumption expenditures price index, a preferred gauge of inflation by the Federal Reserve, hit a three-year low. Both the core PCE index and the headline index fell to 2.6% year-over-year in May, slightly below the previous month's level.

Personal spending also picked up month-over-month, with spending on real estate rebounding from weakness in April.

“The weak inflation data will help demonstrate that the Fed can begin to cut rates in the coming months,” said Jeffrey Roach, chief economist at LPL Financial. “As long as incomes grow at a healthy pace, consumers will continue to spend. The key is the labor market and so now we should turn our attention to next week's nonfarm payrolls release for a fresh look in the labor market.”

While this did not change expectations for monetary policy in May, investors remain confident about interest rate cuts this year. futures markets evaluate the chances of two

Low inflation wasn't enough to keep indexes in the green through Friday, but the stock market still closed the first half of 2024 strong. Year over year, the S&P 500 gained 14.1%, surpassed by the Nasdaq's 16.6% rise.

“However, there remain areas of relative weakness,” wrote David Morrison, senior market analyst at Trade Nation. “The old-fashioned Dow Jones only managed to gain 4%, while the Russell only gained 1%. Could these indexes be harbingers of weakness to come, or will they take over as market leaders in the second half? »

Among the current problems is a worrying bifurcation in the market, where only a handful of stocks are actually leading the index's gains. At the same time, interest rates remain high amid signs of a slowing economy, while Nvidia stocks 430 billion dollars this week additional concerns about the long-term prospect of an AI-led bull run.

Here's where the US indices were at the 4 p.m. close on Friday:

Here's what else is happening today:

The story continues

In commodities, bonds and cryptocurrencies:

• West Texas Intermediate Crude oil fell 0.53% to $81.3 per barrel. Brent crude oilthe international benchmark, fell 0.18% to $84.77 per barrel.

• Gold slipped 0.12% to $2,326. per ounce.

• The 10-year Treasury yield jumped 6 basis points to 4.349%.

• Bitcoin remained essentially flat at $60,809.21.

Read the original article on Business Insider

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