📈 Terrible news: Inflation rises at fastest pace in 13 years - and S&P makes record high?


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Yesterday was the big event everybody was waiting for: the CPI Report.

Here's what is happening in the markets today, Friday, June 11th.

And it was bad: inflation is now at 5% - rising at the fastest pace since 2008.

… and all indices finished higher. In fact, the S&P 500 made a new record high!

The Fed is sticking to its "transitory" inflation thesis, which maintains that supply shocks and production bottlenecks have led to recent price pressures. Many are also quick to point out that the recent inflation print was once again driven by a jump in the cost of used cars and trucks, which accounted for about a third of the CPI's monthly advance

The 10-year Treasury yield fell to 1.44%, after trading above 1.77% earlier in the year.

Yesterday, stocks continued to trade within a tight range, with all three major indexes ending the day within 0.5% of Tuesday’s closing levels.

Separately, initial jobless claims for the week ended June 5 came in at 376,000 — the lowest tally of the Covid pandemic.

Meme stocks hit a wall yesterday: AMC, GameStop (GME), Clover Health (CLOV), Clean Energy Fuels (CLNE) all closed lower yesterday.

Royal Caribbean (RCL) said late Thursday that two guests onboard its Celebrity Millennium ship tested positive for Covid. Celebrity Millennium was one of the first cruises in North America to restart sailing last week. In lifting the more than one-year pandemic halt, the CDC required a fully vaccinated crew and everyone over 16 to present proof of vaccination.

Tesla (TSLA) kicked off deliveries of its new Model S Plaid, with a livestream event last night. Musk says the Model S Plaid is the “quickest production car ever made.” It starts at $129,990 compared with $79,990 for a long-range 2021 Model S.

Dave & Buster’s (PLAY) reported a surprise profit for its first quarter, with earnings of 40 cents per share. Analysts had predicted a loss of 16 cents per share for the restaurant chain. Dave & Buster’s said the recovery in its business has continued through the first part of the current quarter, and its shares jumped 5.5% in premarket action.

This wraps up today's stock market news.

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