The latest Consumer Price Index (CPI) data for May indicated a 0.1% increase from April, resulting in an annual inflation rate of 2.4%. This was slightly higher than April’s 2.3% due to rising grocery prices, although various reductions in energy and other categories helped mitigate overall inflation concerns. Meanwhile, Nvidia's CEO Jensen Huang expressed optimism about the quantum computing market, declaring it is reaching a pivotal moment. Market reactions reflected these sentiments with minor gains in tech stocks, contrasted by a slight decline in the Dow Jones Industrial Average.
While inflation was slightly hotter than April's 2.3% reading, fueled in part by higher grocery prices, the 0.1% increase was better than economists had expected.
Quantum computing is reaching an inflection point,” stated Huang during his keynote speech at Nvidia's developer conference.
The Nasdaq Composite and S&P 500 are both posting modest gains, while the Dow Jones Industrial Average is retreating slightly.
Price increases in categories like food and shelter were offset by declines in energy, autos, and apparel prices-a shocking development given the current tariffs.
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