Good evening, this is Markets Desk with your closing bell rundown.
Equities pushed to fresh record territory Wednesday, with the S&P five hundred gaining more than half a percent and the Nasdaq one hundred climbing over one percent, led by chip stock strength. The Dow was the outlier, slipping fractionally, as the rotation into technology names dominated the session.
Fueling that chip enthusiasm in part was Cerebras, the AI chipmaker that priced its IPO above the expected range, raising five point five five billion dollars in one of the most closely watched offerings in recent memory. Wall Street is treating this as a signal of what's coming — investors are positioning ahead of what could be an even larger wave of AI-related deals later this year.
Meanwhile, the macro picture complicated things for commodities and the currency market. April's producer price index came in hotter than expected, sending the dollar index to a one-and-a-half-week high and putting hawkish pressure back on Fed expectations. Crude oil, which had been rallying earlier in the session, reversed course as the stronger dollar weighed on prices, with June West Texas Intermediate settling down more than one percent.
That's the tape. Markets Desk, signing off the floor.
