Investing.com – The S&P 500 hit a new record closing high on Wednesday as Treasury yields fell ahead of Federal Reserve Chairman Christopher Waller’s speech later in the day and new inflation signals.
By 4:00 pm ET (2100 GMT), shares were up 0.4% at a record close of 5,250.96, up 0.1% and up 477 points, or 0.7%.
Treasury yields fell ahead of Waller Fed’s speech, lifting utilities
Treasury yields fell ahead of Fed Chairman Waller’s long-awaited remarks, even as some on Wall Street warned the Fed chief could take a hawkish stance to curb dovish Fed expectations.
“Without dismissing the prospect of a June cut, Waller can point to strong US aggregate demand and flat inflation in the January and February data to justify a smaller rate cut than the midpoints suggest,” Macquarie said in a pre-release note. Waller’s speech at 6:00 pm EST.
The speeches are scheduled just ahead of Friday’s data release, the Fed’s preferred inflation gauge, speeches from Fed officials and .
Utilities, which is used as a bond proxy given the sector’s stable dividends and tend to rise when rates fall, rose more than 3%, leading the broader market higher: Dominion Energy Inc (NYSE:), Eversource Energy ( NYSE:) and CenterPoint Energy Inc (NYSE:) are in rally mode.
Merck shines, GameStop falls; Trump Media & Technology Continues to Grow
In corporate news, shares of pharmaceutical giant Merck (NYSE:) jumped 5% to a reported record high after the US Food and Drug Administration approved its treatment for a rare lung disease.
Shares of Trump Media & Technology Group (NASDAQ:) jumped more than 14% a day after its stellar debut on the Nasdaq. Robinhood Markets (NASDAQ:) rose more than 3% after the online trading app launched a new credit card as it seeks to expand its position in the personal finance market.
On the other hand, GameStop (NYSE:) fell 15% after the struggling video game retailer reported lower fourth-quarter revenue amid slowing costs and increased competition from online firms. The company also said it cut an unspecified number of jobs to cut costs.
Carnival reports best first quarter results Shock wave medical Amid Deal Frenzy, Kimberly-Clark Seeks to Streamline Operations
Carnival Corporation (NYSE:) shares rose 1% after reporting better-than-expected first-quarter financial results and raising its full-year earnings forecast to 98 cents per share from 93 cents per share previously. However, the cruise operator reported a $10 million loss in annual revenue due to the collapse of the Francis Scott Key Bridge in Baltimore. The company, however,
Shockwave Medical (NASDAQ:) shares rose 2%, extending gains after jumping 10% on reports that Johnson & Johnson (NYSE:) is in talks to buy the medical device maker.
Kimberly-Clark (NYSE:) shares closed up nearly 1% after the consumer products maker announced plans to reorganize into three business units as it seeks to streamline operations and cut costs.
Energy stocks are being held back by falling oil prices following a surge in US inventories.
Energy stocks were in the green, although gains were capped by a fall in oil prices after industry data showed a big rise in weekly inventories.
Inventory data for the week ended March 22 rose by 3.2 million barrels, missing expectations of a decline of 700,000 barrels.
(Peter Nurse and Ambar Warrick contributed to this article.)