S&P 500 and Nasdaq Hit Highs Ahead of US-China Summit
The S&P 500 and Nasdaq climbed to record levels on Wednesday as markets focused on the upcoming meeting between Presidents Donald Trump and Xi Jinping. While U.S. producer price inflation saw its largest monthly increase since 2022, investors remained resilient amid the confirmation of Kevin Warsh as the next Federal Reserve chair.
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The ISHARES CORE S&P 500 ETF and INVESCO QQQ TRUST SERIES 1 reached record highs on May 13 despite surging producer inflation. The United States PPI notched its largest monthly and annual gains since 2022, exceeding analyst expectations for April. Investors are prioritizing the upcoming Beijing summit between China and Washington over immediate inflationary pressures.
