Gold, bitcoin and stocks hit record highs this week. Then came inflation data

Stocks Lose Momentum as Inflation Concerns Resurface #

After reaching a record high earlier in the week, stocks began to lose momentum due to renewed concerns about inflation. The S&P 500 index had reached a record high close, while gold and Bitcoin also reached new milestones. However, midweek saw stocks shedding some gains, with the Dow falling and the S&P 500 and Nasdaq Composite declining as well. The latest Producer Price Index revealed an increase in wholesale inflation, contributing to the market’s downturn. Additionally, airline stocks faced challenges due to ongoing safety issues at Boeing. The NYSE Arca Global Airline index is on track to end the week lower. Despite this, the Dow is still expected to end the week higher. The market’s strength over the past year has been remarkable, with the S&P 500 not experiencing a significant decline for over a year.

Looking ahead, investors will have more economic data and corporate events to monitor. Nvidia’s global artificial intelligence conference and Super Micro Computer’s inclusion in the S&P 500 index are among the forthcoming events. The Federal Reserve’s upcoming policy meeting will be closely watched for any indication of rate cuts. Additionally, there will be fresh data on the housing market, including the National Association of Home Builders/Wells Fargo Housing Market Index, housing starts data, and the monthly existing home sales report from the National Association of Realtors.