US stocks are rising toward records with hopes that inflation is finally heading back in the right direction after its discouraging start to the year.
Homebuilders were strong on hopes that cuts by the Fed would lead to easier mortgage rates, with Lennar and D.R. Horton both up at least 4 per cent. Big Tech and other high-growth stocks also rode the wave of expectations for lower rates, and Nvidia’s gain of 3.7 per cent was the strongest force pushing the S&P 500 upward.The optimism came from a report showing US consumers had to pay prices for petrol, car insurance and everything else in April that were 3.
Slowing retail sales could be seen as a positive for markets, because it could reduce the upward pressure on inflation. But a stalling out also raises worries about cracks forming in US consumer spending, which has been one of the main pillars keeping the economy out of a recession. Pressure has grown particularly high on lower-income households.
On Wall Street, Petco Health + Wellness was helping to lead the market after jumping 18.9 per cent. It named Glenn Murphy, who is CEO of investment firm FIS Holdings, as its executive chairman.
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