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US stocks gain as drop in commodity prices help ease inflation concerns

Published by Business Insider on Tue, 08 Jun 2021


<p><img src="https://static3.businessinsider.com/image/60bf6d3fa7202d0018b8dad3-2400/2020-03-05t213637z_1146514076_rc2xdf9mtoi2_rtrmadp_3_usa-stocks.jpg" border="0" alt="NYSE Trader" data-mce-source="Andrew Kelly/Reuters" data-mce-caption="Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>US stocks gained on Tuesday as inflation concerns eased due to falling commodity prices.</strong></li><li><strong>The tech-heavy Nasdaq 100 led the rally higher for the second day in a row, jumping half a percent.</strong></li><li><strong>WTI Crude Oil fell about 2% from its recent high of $70 per barrel, while copper prices are down about 8% from its recent high.</strong></li><li aria-level="1"><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</strong></li></ul><hr><p>The tech-heavy Nasdaq 100 led the stock market higher on Tuesday, extending its gains from Monday as worries about rising inflation eased.&nbsp;</p><p>That easing in inflation fears has been sparked by a drop in commodity prices, like oil, copper, and lumber. Those essential building blocks for the US economy are down about 2%, 8%, and 30% from their recent highs.</p><p>Investors will have a better handle on the current pace of inflation on Thursday, when CPI data is officially released for the month of May. In April, CPI jumped 4.2%, marking the fastest rise in inflation since 2008.&nbsp;</p><p><strong>Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:</strong></p><ul><li><strong><a href="https://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500</a>: </strong>4,230.68, up 0.1%</li><li><strong><a href="https://markets.businessinsider.com/index/dow_jones" target="_blank" rel="noopener">Dow Jones industrial average</a>:</strong> 34,579.33, down 0.15% (50.91 points)</li><li><strong><a href="https://markets.businessinsider.com/index/nasdaq_composite" target="_blank" rel="noopener">Nasdaq composite</a>:</strong> 13,968.52, up 0.63%</li></ul><p>Regulation concerns in the cryptocurrency space <a href="https://markets.businessinsider.com/currencies/news/cryptocurrencies-fall-regulation-trump-crypto-price-bitcoin-ether-dogecoin-2021-6-1030502615">helped spark a wide sell-off, with $200 billion in market value being wiped out in a single day.</a></p><p>The FDA approval of <a href="https://markets.businessinsider.com/stocks/biib-stock">Biogen's</a> drug for Alzheimer's <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-biogen-stock-price-alzheimers-drug-fda-2021-6-1030502764">helped drive a $60 million gain for Warren Buffett's Berkshire Hathaway,</a> which owns a stake in the biotech company.</p><p>Shares of <a href="https://markets.businessinsider.com/stocks/CLOV-stock">Clover Health</a>, a recent SPAC brought public by Chamath Palihapitiya, <a href="https://markets.businessinsider.com/news/stocks/clover-health-stock-price-meme-stocks-wallstreetbets-reddit-chamath-palihapitiya-2021-6-1030503436">surged as much as 41% in Tuesday trades</a> as the Reddit-fueled trading mania spread to the health services company.&nbsp;</p><p>That Reddit-fueled trading mania also spread to <a href="https://markets.businessinsider.com/stocks/wen-stock">Wendy's</a>, with the fast-food restaurant surging as much as 26% amid the wide sharing of a bullish due-diligence post made on the Wall Street Bets forum.</p><p>Shares of Tesla moved higher after its May car sales in China showed a 29% surge.</p><p>Oil prices were lower. <a href="https://markets.businessinsider.com/commodities/oil-price'type=wti">West Texas Intermediate crude</a> dropped 0.4%, to $68.95 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, fell 0.5%, to $71.11 per barrel.</p><p><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> fell 0.2%, to $1,895.20 per ounce.</p><p><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-commodity-prices-drop-ease-inflation-worries-2021-6-1030503971#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/red-wine-good-heart-health-benefits-healthy-cardiologist-2019-4">How heart disease created America's wine industry</a></p>
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