🚨Stock Market Today: Nasdaq shrugs off hot inflation data to clinch record close 🥳🎉

On Tuesday, the Nasdaq Composite reached a record high, closing 0.8% higher at 16,511.18 despite a higher-than-expected inflation report. Federal Reserve Chairman Jerome Powell stated that current interest rates are effectively controlling inflation, suggesting no imminent rate hikes. The Dow Jones rose 0.3%, and the S&P 500 increased by 0.4%.

Producer prices in the U.S. grew by 0.5% in April, surpassing the 0.3% forecast, indicating persistent inflationary pressures. The Producer Price Index (PPI) for final demand increased by 2.2% annually, the highest since April 2023. This precedes the release of the Consumer Price Index (CPI), with inflation having remained steady, delaying expected interest rate cuts.

Powell reiterated that the current rate levels are restrictive and effective in managing inflation, hinting at no immediate rate hikes.

GameStop's stock surged 60%, driven by renewed interest in meme stocks, following a post from "Roaring Kitty," a popular influencer.

In corporate news, Kraft Heinz is considering selling its Oscar Mayer business, potentially worth $3-5 billion. Apple's stock rose 0.6% on news of its Vision Pro headset's international launch plans. Alibaba's stock dropped 6% due to an 86% decline in fiscal Q4 profit, despite exceeding revenue expectations.

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