In two gears today’s session on Wall Street after the decline in wholesale inflation in the US. In particular, the producer price index fell by 0.2% in May compared to April. Analysts had expected an increase of 0.1%. In April, the index recorded a monthly increase of 0.5%.
Specifically, the Dow Jones fell 0.17% to 38,647 points, the S&P 500 gained 0.23% to 5,433 points and the Nasdaq added 0.34% to 17,667 points.
At these levels the S&P 500 and Nasdaq actually managed to “break” their records again, thus reaching new highs. In fact, for the S&P 500 this is the fourth consecutive close at a new high!
At the stock level, Tesla jumped 3.8%. Earlier, Musk announced that Tesla shareholders voted “by a wide margin” in favor of his $56 billion salary and his proposal to move the electric car maker to Texas.
In macro news, the number of Americans filing for unemployment benefits was unexpected last week. In particular, claims for unemployment benefits rose by 13,000 in the week ending June 8, to 242,000. This level is the highest since August. Analysts polled by the Wall Street Journal expected claims to fall to 225,000.
Additionally, US bond yields followed a downward trajectory for another day as the 10-year fell eight basis points to 4.23% and the 2-year fell below seven. basis points to 4.68%.
In commodity markets, Brent crude rose 0.2% to $82.75 a barrel and WTI crude rose 0.2% to $78.62. In contrast, gold prices fell 1.6% to $2,316/oz.