Nasdaq Hits Record High as U.S. Stocks Surge on Inflation Data
The Nasdaq Composite and S&P 500 closed at all-time highs, buoyed by inflation data aligning with forecasts and signaling a continued dis-inflationary trend.
- U.S. stocks ended February on a high note, with the Nasdaq Composite and S&P 500 recording all-time closing highs.
- Inflation data released showed underlying inflation at the fastest pace in a year, but met consensus forecasts, supporting rate-cut forecasts.
- Asian markets showed mixed responses, with China's CSI 300 closing almost 2% higher ahead of manufacturing data, while futures for Hong Kong's Hang Seng index pointed to a lower open.
- Bitcoin maintained its value above $61,000, with BlackRock Inc.’s iShares Bitcoin Trust experiencing a record $612 million inflow.
- Oil is set for a monthly gain as OPEC+ is expected to extend production cuts, amidst inflation data that was in line with expectations.
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