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Stock market today: Trump rally slows with stocks at record highs ahead of new economic data
US stocks added to records on Tuesday, with the blistering rally since last week slowing slightly as traders prepared to take in new inflation data this week.
A five-day rally helped the Dow Jones Industrial Average and S&P 500 notch fresh closing highs on Monday , with many assets lumped into the Trump trade seeing a continued boost from the President-Elect's victory.
Among them, bitcoin came close to hitting the $90,000 mark for the first time in early trading on Tuesday. The crypto industry expects to benefit from Trump's friendly stance toward 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 published on Wednesday, and Wall Street will be monitoring for any material shifts in inflation.
Economists expect a 2.5% year-over-year jump in CPI, compared to a rise of 2.4% in the prior month. Any meaningful surprise could upend expectations over the Federal Reserve interest rate cuts next months.
Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:
Here's what else happened today:
In commodities, bonds, and crypto:
Read the original article on Business Insider