Welcome to Markets Desk, your midday read on what's moving money.
Equities pushed higher Thursday after a cooler-than-expected producer price index report gave investors fresh confidence that inflation pressures are continuing to ease. The S&P five hundred gained nearly two thirds of a percent, while the Nasdaq one hundred outperformed, climbing more than one percent, as rate-sensitive tech names led the charge on hopes the Fed has room to maneuver.
Shifting to a significant index story, Reddit is joining the S&P five hundred after months of speculation, confirming what many on the Street had anticipated. The social media platform's inclusion sends a clear signal about its market maturity, and shares surged in after-hours trading on the news, rewarding investors who had been patient through multiple prior snubs from the index committee.
And in the soft commodities market, cocoa prices are continuing to recover from Tuesday's sharp selloff, when both New York and London futures fell more than four percent on favorable weather reports out of West Africa. Today's modest bounce of around two tenths of a percent suggests traders are stabilizing positions rather than chasing a full reversal, with supply outlook still the dominant variable.
That's the tape. Markets Desk, signing off the floor.
