All Time Highs Came and Went | Wall Street Today

In Macro, U.S. initial jobless claims declined by 10,000 to 222,000 in the week ending May 11, compared to market estimates of 220,000. Cleveland Federal Reserve President Loretta Mester also spoke on Thursday and echoed the sentiments delivered by many central bank officials in recent weeks, saying essentially that if monetary policy isn't broken, don't fix it.

"In my view, the most likely scenario for the overall economy and that of the region is that the current restrictive stance of monetary policy will continue to help moderate growth and labor market conditions and that this moderation will contribute to the further easing of price pressures," Mester said Thursday in a speech prepared for delivery to the Wayne Economic Development Council.

Wednesday, CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.

Tuesday, Producer Price Index numbers came in high, climbing about 0.5% month over month compared to expectations of 0.3%, and core expectations of 0.2%. Powell spoke Tuesday morning, and he said the oft repeated "higher for longer," mantra, despite a PPI print that he called "mixed."This week, investors can expect CPI prints Wednesday.

Multiple Federal Reserve Governors and FOMC members will speak, and investors will look for comments on rates and monetary policy.

In sectors tracked by moomoo, Oil traded positive after the EIA reported a cut of 2.5M barrels in supply last week, compared to the expected decrease of 0.4M.

Drug manufacturers were down about 0.5% after Roche announced new weight-loss drug results. The Swiss company announced early-stage trial results for an experimental obesity treatment: a once-weekly injection, known as CT-388, produced an average weight loss of 18.8% after six months.

The "weight loss results are encouraging," the firm said in a release, looking like a competitive treatment compared to other options like Novo Nordisk's Wegovy. Competitor drug companies are seeing negative price reactions on the news. Eli Lilly fell about 1.3%, and the entire Drug Manufacturer sector tracked by moomoo fell 0.5%.

Gold and Silver pulled up from their fall. Bitcoin fell slightly after a 7% climb on Wednesday.