US stocks hit all-time highs as core inflation slows

The S&P 500 opened at an all-time high as core CPI inflation rose 0.3% month-on-month in April, allaying fears that the sharp re-acceleration in price pressures seen during the first quarter of the year would persist. On an annual basis, core inflation rose 3.6%, down from 3.8% in March.

This reading was in line with economists’ expectations. Retail sales figures released in tandem with the inflation data, however, showed spending unexpectedly flatlined in April. These data help bolster the case for the Federal Reserve to begin reducing interest rates at some point this year.

10-year Treasury yields fell as much as 10 basis points following this morning’s economic releases.

US consumer prices rise less than expected in April; core CPI slows

10-year Treasury yields fell as much as 10 basis points following this morning’s economic releases.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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