Wall Street: on form 72 hours before the ‘3 Witches

The stock market saw a surge in the Nasdaq Composite, with a gain of +0.75% to 16,511. The S&P500 also saw an increase of +0.48% to 5,247, just shy of its record. The Dow Jones, however, fell slightly short at 39,558. Meme stocks like Gamestop continued to make headlines, with a surge of +130% causing short sellers to lose an estimated $5 billion. Despite a disappointing Producer Price Index, US producer prices rose in April, which may delay any changes to the Fed’s monetary policy. Chairman Jerome Powell stated that inflation data is slow to decline. T-Bonds eased by -3.2 basis points to 4.45%.