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Indexes rose on Tuesday as markets looked at incoming inflation data this week.
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The rally slowed, but shares beat the records set during Monday’s session.
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Bitcoin neared $90,000 as crypto markets continue to bask in Trump’s victory.
US stocks extended their records on Tuesday, with the blistering rally since last week slowing slightly as traders prepared to digest new inflation data this week.
A five-day rally helped the Dow Jones Industrial Average and the S&P 500 reach new closing highs on Monday, with many assets moving into Trump trading, thanks to continued boost from the president-elect’s victory.
Among them, Bitcoin came close to the $90,000 mark for the first time in early trading on Tuesday. The crypto industry expects to benefit from Trump’s friendly attitude towards digital assets, with markets hoping for less regulation of the space.
The rally slowed as markets approached the October consumer inflation report. The consumer price index will be released on Wednesday and Wall Street will keep an eye on any material shifts in inflation.
Economists expect the CPI to rise 2.5% year-on-year, compared to a 2.4% increase in the previous month. Any meaningful surprise could raise expectations about Federal Reserve rate cuts in the coming months.
Here’s where the US indexes stood at the 9:30 a.m. opening bell on Tuesday:
Here’s what else happened today:
In commodities, bonds and crypto:
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West Texas Intermediate crude rose 1.3% to $68.92 a barrel. Brent crude, the international benchmark, rose 1% to $72.62 per barrel.
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Gold was roughly flat at $2,618 an ounce.
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The yield on ten-year government bonds rose by five basis points to 4.367%
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Bitcoin rose 4% to $86,262.
Read the original article on Business Insider
