May’s CPI rose at a slower monthly pace. The annual rate moved up to 2.4% (previously 2.3%). Core CPI rose 2.8% year-over-year. Both were better than market expectations.
China and the U.S. reached a trade framework deal, pending approval from both leaders.
Stock indexes moved higher in pre-market trading, now very close to previous record highs. However, leading tech stocks pulled back after early gains. After a strong run, market sentiment is getting more cautious.
SPY opened higher, testing around $607, then moved toward the record high near $611. The key intraday support level is now $600–595. A drop below this may lead to a pause in the rally.
Most individual stocks were up before the open, but gains were generally small. Quantum-related stocks led again. Musk publicly apologized to Trump, and the stock has bounced for a third day, returning to the level before their dispute. The next major resistance is around $335–350.
OpenAI chose Google to boost its computing power, ending its exclusive deal with Microsoft. GOOGL gained again yesterday. MSFT has not made new highs for several days. The $473 level is a key test for the next move.
NVDA kept rising pre-market, entering its historical resistance zone. AAPL has been the weakest among big tech lately. It needs to get back above $205 today. The mid-term resistance is near $215.
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