Stock market today: Dow hits 8-day winning streak ahead of key inflation report
US stocks were mostly higher on Friday, with the Dow notching its eighth straight winning day.
The strong gains in May come ahead of a key CPI report, set to be released on Wednesday.
Fed speakers throughout the day struck a slightly hawkish tone.
US stocks traded higher on Friday, securing an eight-day winning streak for the Dow Jones Industrial Average.
The gains came despite hawkish comments from two Federal Reserve officials on Friday. Fed Governor Michelle Bowman said she doesn't expect any interest rate cuts this year, while Fed President Lorie Logan said its still too early to be thinking about interest rate cuts based on the latest inflation data.
Yet, stocks pressed higher anyway, buoyed by a solid first-quarter earnings season.
Of the 92% of S&P 500 companies that have so far reported results, 81% beat profit estimates by a median of 8%, while 60% beat revenue estimates by a median of 5%, according to data from Fundstrat.
Investors will now turn their attention to the upcoming release of the April consumer price index report on Wednesday. The report will offer insights into when the Fed might move forward with interest rate cuts.
Fundstrat's Tom Lee expects a lower-than-expected inflation report, which should send dovish signals to the Fed and push stocks higher for the rest of May.
"This April CPI will highlight the possibility that auto insurance's disproportionate impact on CPI is ebbing," Lee said in a note on Friday.
Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:
S&P 500: 5,222.66, up 0.16%
Dow Jones Industrial Average: 39,512.84, up 0.32% (+125.08 points)
Nasdaq composite: 16,340.87, down 0.03%
Here's what else happened today:
Rising home prices are not being caused by Wall Street's foray into the single-family home rental market, according to an economist.
"Seriously underwater" mortgages are on the rise throughout the US, with Southern states seeing the biggest jump.
Apple has pulled its new iPad Pro ad that it says "missed the mark" in a rare apology.
US home prices have soared 47% so far this decade, outpacing all of the growth seen in the 1990s and 2010s.
In commodities, bonds, and crypto:
West Texas Intermediate crude oil declined 1.10% to $78.39 a barrel. Brent crude, the international benchmark, dropped 1.13% to $82.93 a barrel.
Gold edged higher by 1.25% to $2,369.60 per ounce.
The 10-year Treasury yield rose 4 basis points to 4.50%.
Bitcoin declined 3.83% to $60,662.
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