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Rare Earth Trade Deal and Soft Inflation Propel Wall Street Gains

Investor optimism over a US-China framework on rare earths coupled with a cooler-than-expected May CPI has pushed major indexes within reach of record highs.

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Overview

  • President Trump said a preliminary framework will let China resume exports of rare earth minerals and magnets in return for eased student-visa restrictions.
  • The Consumer Price Index rose 0.1% in May versus the 0.2% forecast, marking the fourth straight cooler-than-expected inflation report.
  • Major indexes posted gains with the S&P 500 and Nasdaq Composite climbing about 0.3% to within 2% of their record highs and the Dow Jones Industrial Average up roughly 0.3%.
  • Market-implied odds of a September Federal Reserve rate cut climbed to about 57% after the softer inflation reading.
  • Quantum computing stocks jumped on Nvidia CEO Jensen Huang’s ‘inflection point’ comments, and platinum prices hit a four-year high on supply concerns.