- US stocks jumped on Friday as the Dow Jones Industrial Average vied for an 8-day win streak.
- Investors will hear from three Federal Reserve officials today, which could move markets.
- The upcoming April CPI report next week is the big data point that could move markets.
US stocks edged higher on Friday, setting the Dow Jones Industrial Average up for a potential eight-day win streak.
The gains over the past week were sparked after Federal Reserve Chairman Jerome Powell struck a dovish tone at last week's policy meeting, signaling that the next interest rate decision was more likely to be a cut than a hike. That soothed the market's fears after a series of hot inflation readings raised alarms about the path of interest rates.
Investors will hear more from five Fed officials Friday, with Michelle Bowman, Lorie Logan, Austan Goolsbee, Neel Kashkari, and Michael Barr all set to speak throughout the day. Any clues as to what the Fed is thinking about inflation and current trajectory of interest rates could move markets.
Next week, investors will be laser-focused on the Wednesday release of April's inflation report, with economists expecting a 0.3% rise in the consumer price index. Fundstrat's Tom Lee said a light CPI report next week could set the stock market up for more gains in May.
"This April CPI will highlight the possibility that auto insurance's disproportionate impact on CPI is ebbing," Lee said in a note on Friday.
First-quarter earnings results also remain top of mind for investors, with the earnings season mostly wrapping up.
Of the 92% of S&P 500 companies that have so far reported results, 81% beat profit estimates by a median of 8%, while 60% beat revenue estimates by a median of 5%, according to data from Fundstrat.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
- S&P 500: 5,230.10, up 0.31%
- Dow Jones Industrial Average: 39,510.71, up 0.3% (+117.18 points)
- Nasdaq composite: 16,402.36, up 0.36%
Here's what else is going on today:
- Rising home prices are not being caused by Wall Street's foray into the single-family home rental market, according to an economist.
- "Seriously underwater" mortgages are on the rise throughout the US, with Southern states seeing the biggest jump.
- Stanley Druckenmiller said copper prices will surge over the next six years on growing demand from EVs and missiles.
- Apple has pulled its new iPad Pro ad that it says "missed the mark" in a rare apology.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil jumped 0.54% to $79.69 a barrel. Brent crude, the international benchmark, rose 0.41% to $84.22 a barrel.
- Gold edged higher by 1.46% to $2,374.50 per ounce.
- The 10-year Treasury yield rose 3 basis points to 4.49%.
- Bitcoin edged lower by 0.34% to $65,672.