U.S. stocks reached fresh closing highs on Wednesday as the inflation data for June came in softer than expected. The Nasdaq 100 (NDX) recorded its highest close since January 14, 2022, approaching its all-time highs from late 2021. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, also gained significantly.
Nasdaq 100 and Invesco QQQ Trust Performance
The Nasdaq 100 (NDX) saw substantial growth with a 1.24% increase, according to FactSet data. It is now closing in on its record highs from late 2021. The Invesco QQQ Trust (QQQ), an exchange-traded fund that closely mirrors the Nasdaq 100, experienced a 1.26% gain, reaching $372.82 per share.
S&P 500 and Nasdaq Composite Achievements
The S&P 500 (SPX) achieved its highest finish since April 8, 2022, with a gain of 0.74%, equivalent to 32.90 points, according to preliminary closing data from FactSet. Similarly, the Nasdaq Composite (COMP) surged by 1.15%, or 158.26 points, reaching its highest closing level since April 5, 2022.
Dow Jones Industrial Average Update
The Dow Jones Industrial Average (DJIA) rose by 86.01 points, reflecting a modest increase of 0.25%. It closed at 34,347.43.
June Inflation Data
Newly released data indicates that both headline and core consumer-price inflation rates experienced a deceleration, only increasing by 0.2% during the month of June. This represents the smallest monthly increase since August 2021. The slowdown in inflation exceeded economists’ expectations and resulted in a rally in U.S. stocks. Simultaneously, Treasury yields and the U.S. dollar saw a decline in value.
