Stock Market News Review: SPY, QQQ Spike as Soft Inflation Data Offsets Weak Jobs Report
Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) closed the Thursday trading session in green territory amid mixed economic data points.
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May’s producer price index (PPI), an inflation gauge for sellers, rose by 0.1% month-over-month (MoM) and 2.6% year-over-year (YoY). Economists were expecting 0.2% and 2.6%, respectively. Core CPI, which excludes food and energy prices from the index due to their volatility, increased by 0.1% MoM and 3.0% YoY, both below the estimates for 0.3% and 3.1%, respectively.
Initial jobless claims, or new applications for unemployment benefits, weren’t as rosy. Claims totaled 248,000 for the week ended June 7, higher than the estimate for 242,000 and unchanged from the…
