Stocks started the week on a high note but ended with a whimper on Wall Street. The S&P 500 index reached a record high close for the 17th time this year, despite a higher-than-expected rise in consumer prices. Gold and Bitcoin also hit record highs earlier in the week, but all three major indexes ended the week lower.
The latest Producer Price Index revealed a spike in wholesale inflation, leading to concerns about inflation trends. Airline stocks took a hit as safety issues at Boeing continued to plague the industry. Southwest Airlines announced a decrease in expected Boeing deliveries, causing their shares to drop.
Despite the market fluctuations, experts like Liz Young from SoFi remain optimistic about the market’s strength. Investors will have more economic data and corporate events to watch next week, including Nvidia’s global artificial intelligence conference and the Federal Reserve’s policy meeting.
As the market settles after a turbulent week, investors will be keeping a close eye on upcoming data releases and events to gauge the market’s direction.
