The Nasdaq Index reached a record closing high Tuesday, pushed up by a second day of meme stock volatility.
Just past the close, the $S&P 500 Index traded up 0.48%, the $Dow Jones Industrial Average climbed about 0.32%, and the $Nasdaq Composite Index climbed about 0.75% to a new record closing high 16,511.18.
Overall, 8700 equities climbed compared to 4300 in the decline Tuesday. The S&P 500 is within 1% of its own record high.
MACRO
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.
Weekly Jobless Claims came in high at 231k last Thursday morning, inspiring new hope for rate cuts, with another weekly print to watch this Thursday.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.82, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.45.
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