US stocks gained traction, benefiting from reprieve for Treasuries across the curve amid bets that the Federal Reserve will deliver multiple rate cuts this year. The S&P 500, the Nasdaq 100, and the Dow were all close to 0.5% higher. Fresh data showed that headline producer prices fell sharply in April to back the view of disinflation following the softer CPI print this week.
Also, core sectors of retail sales unexpectedly contracted in the period, favoring bets that the Fed will adjust monetary policy to support the economy. Industrials, utilities, and pharmaceuticals led the gains. GE gained over 3% as Qatar pinned Boeing's largest wide-body aircraft order to be solely maid with GE engines.
Also, Cisco led the tech sector following its results. On the other hand, Walmart trimmed early losses but remained in the red after warning that tariffs forced stores to raise their prices this month. Also, UnitedHealth sank 14$ amid reports that it will be investigated for Medicare fraud.
Source: Trading economi
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