Stock market today: Dow ends 8-day win streak as market braces for inflation data

The stock market today saw a mixed performance, with the Nasdaq 100 posting gains while the Dow Jones Industrial Average ended its 8-day winning streak by declining slightly.

Despite a short-squeeze in meme stocks, the Dow Jones Industrial Average failed to extend its winning streak to a ninth day. On a busy day for the markets, shares of GameStop and AMC Entertainment experienced significant gains, with intra-day increases of over 100%, following Keith Gill’s return to social media.

Investors are now preparing for a week filled with economic updates, as several data points are set to be released. Of particular interest is the release of the producer price index (PPI) and the consumer price index (CPI), scheduled for Tuesday and Wednesday, respectively. These inflation data points will provide insight into when the Federal Reserve might consider cutting interest rates.

Investors are anticipating a 0.2% rise in the Core PPI for April, compared to the 0.2% gain observed in March. Similarly, the Core CPI is expected to rise by 0.3% in April, following a 0.4% increase in March.

Furthermore, the market will be paying close attention to Federal Reserve Chairman Jerome Powell’s speech on Tuesday, as well as the release of April retail sales data on Wednesday, as both events have the potential to impact market movements.

At the close of trading on Monday, the S&P 500 stood at 5,221.42, down 0.02%, while the Dow Jones Industrial Average was at 39,431.51, down 0.21% or 81.33 points. On the other hand, the Nasdaq composite saw gains of 0.29%, reaching 16,388.24.

These are the key developments in the stock market today.
Here’s a summary of the bearish predictions on Wall Street, including a 65% stock market crash and an impending recession.
It’s not just financial experts on Wall Street who are expecting a market crash. There are also retail investors who believe that the economy is on the verge of collapse.
The resurgence of Roaring Kitty on social media has caused GameStop stock to surge by over 50% in Monday morning trading.
Following Keith Gill’s return to social media, numerous meme tokens in the crypto market have experienced gains of over 1,000%.
“Big Short” investor Danny Moses predicts that Tesla stock will plummet by 70% due to disappointing results in its robotaxi and AI endeavors.
West Texas Intermediate crude oil has risen by 1.20% to reach $79.20 per barrel, while Brent crude, the global benchmark, has increased by 0.81% to $83.46 per barrel.
Gold has slightly declined by 1.32% to $2,343.70 per ounce.
The 10-year Treasury yield has dropped by 1 basis point to 4.49%.
Bitcoin has surged by 2.66% to reach $63,092.