The S&P 500 sets a new record despite a better-than-expected CPI

Home » S&P 500 sets new record despite consumer price index coming in higher than expectedSource: Sosland Publishing Co.

Review of March 12th

• Although data suggested recent CPI numbers came in higher than expected, major U.S. stock indexes closed higher on Tuesday, with the S&P 500 hitting its 17th record high of 2024. The latest inflation reading, while higher than expected, was not as high as investors had feared, and many continue to expect rate cuts to begin sometime this year. The Dow Jones Industrial Average rose 235.83 points or 0.61% to close at 39,005.49. The Standard & Poor's 500 rose 57.33 points, or 1.12%, to close at 5,175.27. The Nasdaq Composite rose 246.36 points, or 1.54%, to close at 16,265.64.

• Soybean futures jumped on Tuesday on short covering and technical trading. Meanwhile, wheat futures were mixed, still benefiting from technical positioning and short covering. However, analysts said the market fundamentals were weak. Corn futures were mostly unchanged. May corn remained stable at $4.41¾ per BU; The later months were stable to narrowly mixed. May Chicago wheat rose ¼¢ to close at $5.47½ per bu, but was lower in later months. Kansas City May wheat fell 1½¢ to close at $5.97¼ per bu; The later months were inconsistent in a narrow area. May wheat in Minneapolis gained 2¢ to close at $6.72 per bu. Soybean prices rose 16¾¢ in May to close at $11.96 per bu. The May soybean meal price rose by $2 to close at $339.20 per ton. May soybean oil rose 1.18¢ to close at 47.82¢ per pound.

• U.S. crude oil prices were lower on Tuesday. April futures for West Texas Intermediate light sweet crude fell 37 cents to close at $77.56 a barrel.

• The US dollar index closed higher again on Tuesday.

• US gold Futures paused their meteoric rise and closed lower on Tuesday. The April contract fell $22.50 to close at $2,166.10 an ounce.

Review of March 11th

• A significant round of technical positioning and bargain buying helped push wheat futures higher on Monday, despite pressure from a third cancellation of U.S. sales of soft red winter wheat by China, bringing the total canceled total to 504,000 tons increased, almost a third of what China bought at the end of last year. It was suspected that retailers had already factored in the cancellations and may be expecting more. Corn futures firmed on spillover support from wheat. However, soybean futures trended lower, pressured by ample production in South America. The May corn Futures rose 2¢ to close at $4.41¾ per bu. Chicago May wheat rose 9½¢ to close at $5.47¼ per bu. Kansas City May wheat rose 10¢ to close at $5.98¾ per bu. Minneapolis May Wheat added 7¼¢ to close at $6.70 per bu. May soybeans slipped 4¾¢ to close at $11.79¼ per bu. May soybean meal lost $4.20 and closed at $337.20 a ton. May soybean oil Added 0.47¢ to close at 46.64¢ per pound.

• Major U.S. stock indexes were mixed on Monday as traders processed economic signals ahead of key inflation data that will likely determine the size and start of possible interest rate cuts by the Federal Reserve. The Dow Jones Industrial Average gained 46.97 points or 0.12% to close at 38,769.66. The Standard & Poor's 500 lost 5.75 points or 0.11% to close at 5,111.94. The Nasdaq Composite fell 65.84 points or 0.41% to close at 16,019.27.

• US crude oil Prices were mixed on Monday. April futures for West Texas Intermediate light sweet crude fell 8 cents to close at $77.93 a barrel. Later months increased slightly.

• The US dollar index reversed course and closed higher on Monday, ending a six-session downward streak.

• US gold Futures rose further on Monday. The April contract rose $3.10 to close at $2,188.60 an ounce.

Review of March 8th

• Wheat futures settled higher on Friday, even as China again canceled sales of soft red winter wheat and the USDA increased total 2024 U.S. wheat sales by 15 million bu in its March 8 supply and demand report. Traders attributed the rally to bargain buying after futures fell to a new 3½-year low following the cancellation announcement. Corn futures rose to their highest in nearly a month on technical positioning following the USDA reports. Soybean futures also gained ahead of the weekend due to short selling. The May corn Futures rose 1¾¢ to close at $4.39¾ per bu. Chicago May wheat rose 9¼¢ to close at $5.37¾ per bu. Kansas City May wheat rose 14¢ to close at $5.88¾ per bu. Minneapolis May Wheat added 8¢ to close at $6.62¾ per bu. May soybeans jumped 17¾¢ higher to close at $11.84 per bu. May soybean meal rose $7 to close at $341.40 per ton. May soybean oil fell 0.18¢ to close at 46.17¢ a lb; The later months were more of a mixed bag.

• Major US stock indexes closed lower on Friday, ending the week in the red, after the latest US jobs report gave mixed signals. U.S. employers added 275,000 jobs in February, well above the 198,000 jobs expected. But the unemployment rate rose to 3.9% while wage growth slowed and strong numbers from the latest jobs reports were revised downwards. The Dow Jones Industrial Average lost 68.66 points or 0.18% to close at 38,722.69. The Standard & Poor's 500 fell 33.67 points or 0.65% to close at 5,123.69. The Nasdaq Composite fell 188.26 points or 1.16% to close at 16,085.11.

• US crude oil Prices fell on Friday. April futures for West Texas Intermediate light sweet crude fell 92 cents to close at $78.01 a barrel.

• The US dollar index closed lower for the sixth consecutive day on Friday.

• US gold Futures rose higher on Friday. The April contract rose $20.30 to close at $2,185.50 an ounce.

Review of March 7th

• Major U.S. stock indexes rose for a second day on Thursday, with the S&P 500 hitting its 16th record high of the year ahead of the release of the government's monthly jobs report on Friday. The Dow Jones Industrial Average gained 130.3 points or 0.34% to close at 38,791.35. The Standard & Poor's 500 rose 52.6 points or 1.03% to close at 5,157.36. The Nasdaq Composite rose 241.83 points or 1.51% to close at 16,273.38.

• Intermarket wheat spreads widened on Thursday as soft wheat contracts declined near Chicago and lost ground to Minneapolis Hard Red Spring and Kansas City Hard Red Winter futures. The latter two recovered from a two-day decline, while the Chicago front end came under pressure from a canceled purchase of U.S. soft wheat by China and a canceled tender from Egypt. Meanwhile, soybeans hit a two-week high on Thursday on strong weekly export data and positioning ahead of WASDE. Corn futures rose 2% in technical trading and short covering. The May corn Futures rose 9¼¢ to close at $4.38 per bu. Chicago May wheat lowered 2½¢ to close at $5.28½ per BU; The December contract and beyond were higher. Kansas City May wheat rose 18½¢ to close at $5.74¾ per bu. Minneapolis May Wheat added 9½¢ to close at $6.54¾ per bu. May soybeans rose 18¢ to close at $11.66¼ per bu. May soybean meal rose $4 to close at $334.40 per ton. May soybean oil jumped 1.03¢ to close at 46.35¢ per pound.

• US crude oil Prices were mixed on Thursday, lower for the next two contracts, higher in July. April futures for West Texas Intermediate light sweet crude fell 20 cents to close at $78.93 a barrel.

• The US dollar index closed lower for a fifth straight trading day on Thursday after Fed Chairman Jerome Powell said a rate cut was likely this year if inflation remained under control.

• US gold Futures The increase continued on Thursday. The April contract rose $7 to close at $2,165.20 an ounce.

Review of March 6th

• Ahead of the release of the monthly supply and demand estimates report on Friday, wheat futures fell midweek on strong global competition, while soybeans declined in choppy trading and corn futures firmed on bargain buying and positioning. Wheat and corn fell despite a weaker U.S. dollar and a rise in U.S. crude oil prices. The May corn Future added 2½¢ to close at $4.28¾ per bu. Chicago May wheat fell 20¢ to settle at $5.31 per bu. Kansas City May wheat fell 13¢ to close at $5.56¼ per bu. Minneapolis May Wheat fell 10¼¢ to close at $6.45¼ per bu. May soybeans fell ¾¢ to close at $11.48¼ per bu. May soybean meal Added 50¢ to close at $330.40 per ton; The later months were usually lower within a narrow range. May soybean oil Added 0.28¢ to close at 45.32¢ per pound.

• Although they fell towards the closing bell, U.S. stock indexes ultimately ended higher on Wednesday on the back of Federal Reserve Chairman Jerome Powell's testimony before the House Financial Services Committee on Capitol Hill. Powell said the central bank wanted more evidence that inflation was slowing sustainably before it began cutting interest rates this year. The three indices remained lower this week so far. The Dow Jones Industrial Average gained 75.86 points or 0.20% to close at 38,661.05. The Standard & Poor's 500 The price rose 26.11 points or 0.51% to close at 5,104.76. The Nasdaq Composite rose to 91.95 points or 0.58% and closed at 16,031.54.

• US crude oil Prices reversed course and closed higher on Wednesday. April futures for West Texas Intermediate light sweet crude gained 98 cents to close at $79.13 a barrel.

• The US dollar index closed lower for the fourth straight trading day on Wednesday.

• US gold Futures advanced again on Wednesday. The April contract gained $16.30 to close at $2,158.20 an ounce.

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