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G-7, Consumer Sentiment, Record Week: 3 Things to Watch

Stock MarketsJun 10, 2021 04:16PM ET
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© Reuters.

By Christiana Sciaudone

Investing.com -- Inflation, shminflation. Traders dismissed inflation data that came in above expectations to drive stocks higher on Thursday.

It was the data everyone had been eyeing this week. The Labor Department said on Thursday its consumer price index rose 0.6% last month after edging up 0.9% in April. The uptick in consumer prices in May lifted the year-on-year increase in the CPI to 5% from 4.2% in April, the highest rate since the 1980s. Investors are going with the Fed's position that it's a passing phase.

Starbucks (NASDAQ:SBUX) appears to be running out of supplies, like so many industries (chips!) out there (are we sure about that transitory inflation, Fed?), The New York Times reported.

GameStop Corp (NYSE:GME) continued to do its meme thing, dropping 25% after saying it will sell yet millions more in shares, taking full advantage of retail investors.

Here's to another slow summer close to the week. Have a good one, people.

Here are three things that could affect markets tomorrow:

1. Let's chat

Leaders from the G-7 nations start their meeting in Cornwall, England. President Joe Biden is making his first trip to the U.K. during his administration. He and his counterparts are expected to discuss the economic rebound from the pandemic.

2. Feeling sentimental

After today's highly-anticipated inflation numbers, Friday's economic data release is the decidedly less sexy University of Michigan consumer sentiment reading. The initial June print is expected to come in at 84.2, a slight bump from the prior 82.9. The number will be released at 10:00 AM ET (1400 GMT).

3. Another record?

U.S. stocks will look to close out the week on another high note. Investors shrugged off the latest signs of inflation to send the S&P 500 to a fresh record and the Nasdaq was near its April highs on Thursday.

 

G-7, Consumer Sentiment, Record Week: 3 Things to Watch
 

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Comments (3)
theresa Reid
theresa Reid Jun 10, 2021 10:54PM ET
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It's been a month since the S.P closed down 30 points.Were due.
john boire
john boire Jun 10, 2021 10:09PM ET
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Racists like you are dime a dozen.
Todd Gray
Todd Gray Jun 10, 2021 6:00PM ET
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Maybe Biden got out of town to avoid the horror of the pending market crash. Didn't he skedaddle to somewhere south of the border during the covid peak? I think he'd do something like that.
David Bologa
David Bologa Jun 10, 2021 6:00PM ET
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Hi, somebody knows what with the VIX?
 
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