US stocks hover near record highs as investors brace for inflation data

<p><img src="https://static4.businessinsider.com/image/5fac4e5e7f8f4200182a65cb-2048/gettyimages-50824357.jpg" border="0" alt="NYSE Trader Blur" data-mce-source="Stan Honda/AFP/Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>US stocks flirted with record highs Wednesday as investors awaited key inflation data out tomorrow.&nbsp;</p><p>The broader market seems to be in a "holding pattern" as investors wait for Thursday's inflation report, said Craig Johnson, Piper Sandler chief market technician. Economists expect the US consumer price index to rise 4.7% year-on-year. Some investors worry that overheating inflation may nudge the Federal Reserve into rolling back its ultra-easy monetary policy.</p><p><strong>Here's where US indexes stood at the 9:30 a.m. ET open on Wednesday:</strong></p><ul><li aria-level="1"><a href="https://markets.businessinsider.com/index/s&amp;p_500'utm_source=markets&amp;utm_medium=ingest"><strong>S&amp;P 500</strong></a><strong>:</strong> 4,235.36, up 0.19%</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/dow_jones'utm_source=markets&amp;utm_medium=ingest"><strong>Dow Jones industrial average</strong></a><strong>:</strong> 34,597.56, down 0.01% (2.26 points)</li><li aria-level="1"><a href="https://markets.businessinsider.com/index/nasdaq_composite'utm_source=markets&amp;utm_medium=ingest"><strong>Nasdaq composite</strong></a><strong>:</strong> 13,988.78, up 0.46%</li></ul><p>Reddit traders are driving rallies in a <a href="https://markets.businessinsider.com/news/stocks/wendys-clean-energy-fuels-contextlogic-new-reddit-meme-stocks-rising-2021-6-1030507701">string of new meme stocks</a> this week, including Wendy's, Clean Energy Fuels, and ContextLogic, among others.</p><p><a href="https://markets.businessinsider.com/currencies/btc-usd'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Bitcoin</a> recovered from its previous day's 10% slump by climbing 6.7% to $35,046. The digital asset was trading around $31,036 on Tuesday, partly prompted by news of US authorities' ability to use a private key to <a href="https://www.businessinsider.com/colonial-pipeline-attack-hack-ransom-recovery-us-doj-2021-6'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">retrieve some of the Colonial Pipeline ransom</a>.</p><p dir="ltr">"This current market pause is not unexpected," said Paolo Ardoino, CTO of crypto exchange Bitfinex. "Everyone needs time to assess and digest what the community has built. We're waiting for a new momentum to gather as we continue to build upon the foundations created by some of the greatest minds in fintech. I'm still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology."</p><p dir="ltr">&nbsp;Meanwhile, El Salvador's congress approved a law making bitcoin legal tender.&nbsp;This&nbsp;<a href="https://newsletter.businessinsider.com/click/24095002.73364/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vY3VycmVuY2llcy9uZXdzL2VsLXNhbHZhZG9yLWJpdGNvaW4tbGVnYWwtdGVuZGVyLWN1cnJlbmN5LWNyeXB0b2N1cnJlbmN5LTIwMjEtNi0xMDMwNTA2NTY5P25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/5d0cd4a524c17c4d6716770bBd893c1bb" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://newsletter.businessinsider.com/click/24095002.73364/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vY3VycmVuY2llcy9uZXdzL2VsLXNhbHZhZG9yLWJpdGNvaW4tbGVnYWwtdGVuZGVyLWN1cnJlbmN5LWNyeXB0b2N1cnJlbmN5LTIwMjEtNi0xMDMwNTA2NTY5P25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/5d0cd4a524c17c4d6716770bBd893c1bb&amp;source=gmail&amp;ust=1623330943682000&amp;usg=AFQjCNF8xgJvqDKTmcorohMdc7mOaRKsrQ">gives the cryptocurrency the same status as the US dollar</a>&nbsp;in the country.&nbsp;</p><p><a href="https://markets.businessinsider.com/commodities/oil-price'type=wti'utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude</a> rose as much as 0.5%, to $70.40 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'utm_source=markets&amp;utm_medium=ingest"> Brent crude</a>, oil's international benchmark, gained 0.55%, to $72.62 per barrel.</p><p><a href="https://markets.businessinsider.com/commodities/gold-price'utm_source=markets&amp;utm_medium=ingest">Gold</a> fell 0.1% to $1,892 per ounce.&nbsp;&nbsp;</p><p>&nbsp;</p><p><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-records-inflation-outlook-elsalvador-recovery-bitcoin-2021-6-1030507916#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/map-major-us-oil-gas-energy-pipelines-2015-12">A major supplier of fuel to the East Coast has been down following a cyberattack. This animated map shows all the major oil and gas pipelines in the US.</a></p>
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