The S&P 500 reached a record high of 7,444.25 points on Wednesday, climbing 0.58% as investors flocked to semiconductor and AI-related stocks, despite a hotter-than-expected inflation report. The May 14 Polymarket contract indicated a 77% probability of the index opening higher on Thursday.
April’s producer price index showed a 1.4% monthly increase in wholesale inflation, marking the largest jump since March 2022, and significantly above economist expectations of 0.5%. Rising energy prices, partly driven by geopolitical tensions related to the Iran war, are raising concerns about prolonged inflationary pressures.
Additionally, investors are monitoring President Donald Trump’s visit to China, where major tech leaders, including Tesla’s Elon Musk and Nvidia, are in attendance.
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