Gold Gains Over 1%; Fed's Preferred Inflation Gauge Surges To 3-Year High

U.S. stocks traded mostly higher midway through trading, with the Nasdaq Composite falling around 0.1% on Thursday.

The Dow traded up 0.82% to 52,271.71 while the NASDAQ fell 0.07% to 25,458.25. The S&P 500 also rose, gaining, 0.38% to 7,386.11.

Leading and Lagging Sectors

Industrials shares jumped by 2.5% on Thursday.

In trading on Thursday, consumer discretionary stocks fell by 1.1%.

Top Headline

The Federal Reserve’s preferred inflation gauge climbed again in May, the Bureau of Economic Analysis reported Thursday.

The headline Personal Consumption Expenditure price index rose 0.4% on the month, missing the 0.5% expected after April’s 0.4% gain. From a year earlier, it quickened from 3.8% to 4.1%, matching the 4.1% forecast and marking the highest reading since April 2023.

Core PCE, which strips out food and energy, rose 0.3% on the month, matching both the previous and expected 0.3%. The annual rate inched up from 3.3% to 3.4%, matching estimates.

Equities Trading UP
           

• Triller Group Inc (NASDAQ:ILLR) shares shot up 472% to $4.40 after the company announced its subsidiary, Trendy Reach Holdings, will acquire 3.917 million SpaceX shares through SAC1.
• Shares of Kustom Entertainment Inc (NASDAQ:KUST) got a boost, surging 37% to $1.94 after the company signed an agreement to divest its video solutions division to Cycurion for $5.5 million.
• Kymera Therapeutics Inc (NASDAQ:KYMR) shares were also up, gaining 19% to $118.42 after the company announced it has completed enrollment in the global BROADEN2 Phase 2b trial of KT-621 nearly six months ahead of anticipated timelines.

Equities Trading DOWN

• Digital Currency X Technology Inc (NASDAQ:DCX) shares dropped 40% to $0.96. Digital Currency X Technology entered into private placement for up to $700 million of units at $2.11 per unit.
• Shares of ARS Pharmaceuticals Inc (NASDAQ:SPRY) were down 28% to $7.55 after the company provided commercial and financial updates, including no new formulary additions for Neffy in the July 2026 coverage cycle.
• Nano-X Imaging Ltd (NASDAQ:NNOX) was down, falling 41% to $0.93 after the company announced first-quarter results.

Commodities

In commodity news, oil traded up 1.7% to $71.53 while gold traded up 1.1% at $4,054.30.

Silver traded up 1.2% to $58.785 on Thursday, while copper rose 2.4% to $6.0900.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.6%, while Spain’s IBEX 35 Index rose 0.4%. London’s FTSE 100 rose 0.7%, Germany’s DAX gained 0.6%, while France’s CAC 40 gained 0.5%.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 jumping 4.61%, Hong Kong’s Hang Seng Index falling 1.43%, China’s Shanghai Composite rising 0.23% and India’s BSE Sensex gaining 0.14%.

Economics

• U.S. personal income rose by 0.7% month-over-month in May following a flat reading in April.
• U.S. personal spending increased by 0.7% month-over-month in May following a revised 0.4% gain in April.
• The core PCE price index surged by 3.4% year-over-year in May, the most since October 2023.
• U.S. initial jobless claims fell by 12,000 to 215,000 in the third week of June, compared to market estimates of 225,000.
• U.S. durable goods orders fell by 4.5% month-over-month to $332 billion in May, following a revised 8.5% gain in April.
• The Chicago Fed National Activity Index fell to –0.10 in May from a revised reading of +0.19 in April.
• The U.S. economy grew an annualized 2.1% in the first quarter, accelerating from 1.6% in the second estimate, and up from 0.5% in the fourth quarter.

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