CNBC Markets Now: May 8, 2024
Stocks idled near a one month high as the Markets 2 week rebound rally takes a breather ahead of some crucial inflation readings in coming days. The S&P 500 finished almost precisely unchanged in a low volume turn on Wednesday as Treasury yields lifted gently after a sizable sale of new government debt and assortment of e-commerce companies issued disappointing results or outlooks with Uber shares shedding 6% in e-commerce players, Shopify tumbling more than 18% on the day. The stock responses reflect a bit of apprehension among investors. About the stamina of consumers and smaller businesses against a backdrop of mixed growth signals, numerous retail and travel companies have indicated decelerating demand through the. Although the Atlanta feds real time second quarter GDP tracking estimate came in above 4% on Thursday, that’s in part due to strong retail sales reports. This raises the stakes for next week’s wholesale and consumer inflation reports which will help determine whether any rough patch in the economy can be treated quickly with interest rate cuts or not. With your CNBC Markets Now update, I’m Mike Santoli.