Stock market today: US stocks end the week higher after cool inflation, Apple AI hype

• US stocks traded mostly lower on Friday, but ended the week higher after a cold May CPI report.
• The Nasdaq 100 closed at all-time highs buoyed by enthusiasm for AI and strong earnings from Broadcom and Adobe.
• Recent comments from the Fed suggest that interest rate cuts are imminent if inflation data continues to cool.

Thanks for registering!

Access your favorite topics in a personalized feed while you're on the go.

download the application

By clicking “Register”, you agree to our Terms of Service and Privacy Policy. You can unsubscribe at any time by visiting our Preferences page or clicking "unsubscribe" at the bottom of the email.

U.S. stocks traded mostly lower on Friday, but gained for the week after a cold May inflation report and Apple's reveal of its artificial intelligence ambitions at WWDC.

He S&P 500 reached all-time highs four days in a row until Thursday, while the Nasdaq 100 closed at all-time highs every day of the week, and AI enthusiasm drove tech stocks higher after Broadcom's profit explosion and solid results from Adobe.

The Nasdaq 100 ended the week up more than 3%, while the S&P 500 rose about 1.5%. He Dow Joneswhich has little exposure to AI technology trading, ended the week down about 0.5%.

Outgoing Federal Reserve Chair Loretta Mester's comments on Friday highlighted that the Fed could be close to cutting interest rates following a series of cold inflation readings.

Both the consumer and producer price indexes rose less than expected in May, with the PPI hitting the lowest level in 10 months.

"It's welcome to see inflation coming back down, we'll just need that to continue a little longer," Mester told CNBC on Friday.

Federal Reserve Chairman Austan Goolsbee said Friday that he, too, was encouraged by the May CPI report.

"We've actually made a lot of progress in reducing the inflation rate. We just need to see more progress" before cutting rates, Goolsbee said.

The market currently sees a 61% chance that the Federal Reserve will cut rates at its September FOMC meeting, according to the CME FedWatch tool.

Here is where the US indices were at the 4:00 pm close on Friday:

This is what happened today:

In commodities, bonds and cryptocurrencies:

• West Texas Intermediate Crude oil fell 0.09% to $78.55 a barrel. Brent CrudeThe international benchmark index fell 0.08% to $82.68 per barrel.
• Gold rose 1.39% to $2,350.30 an ounce.
• The 10-year Treasury yield fell three basis points to 4.21%.
• bitcoin decreased 1.99% to $65,417.