--- title: "Stock Market Today: May 15, 2024" description: Stock futures trading portends a solid jump after the release of this morning’s Consumer Price Index (CPI) report for April, suggesting lowered expectations for future inflation. image: https://investor.valueline.com/hubfs/social-suggested-images/iStock_000006488152XSmall-358.jpg --- [![The Value Line Blog](https://investor.valueline.com/hubfs/VL%20Blog%20Images/vl_blog_header.png)](https://investor.valueline.com/blog) [Stock Market Today](https://investor.valueline.com/blog/topic/stock-market-today) # Stock Market Today: May 15, 2024 May 15, 2024 This morning’s Consumer Price Index (CPI) report came in a bit below expectations and stock futures trading portends a solid move up at the opening bell. The Bureau of Labor Statistics report showed that prices increased 0.3% in April, or 3.4% year over year. Core inflation, which excludes volatile food and energy prices, was up 0.3% in April or 3.6% year over year. The figures were generally better than the news last month. Around 70% of inflationary pressures were caused by higher prices for energy and shelter. Following release of the report, equity futures moved up, and interest rates fell across a wide variety of bonds, suggesting lowered expectations for future inflation. Stocks had moved higher yesterday following the release of the Producer Price Index (PPI) report. Data showed that prices expanded 2.2% year over year in April, marking a third straight increase in headline wholesale inflation. However, March data was revised lower. Elsewhere, several equities most associated with the “meme-stock” rally on minor companies that are talked up on the Internet were again rapidly bid up, causing short squeezes, that is, forcing market participants who were betting on further down movement to cover their positions. The major market indices moved higher through the day and ended not too far from their all-time highs. Overall, the S&P 500 rose 25 points (up 0.48%), the NASDAQ increased 123 points (up 0.75%), and the Dow Jones Industrial Average finished higher by 127 points (up 0.32%). Market breadth was quite positive, with advancers outpacing decliners by a 2.0-to-1.0 ratio. Technology issues were among the best performers of the day, while consumer staples were among the weakest. In commodity news, oil prices rose yesterday as traders priced in a tighter supply outlook. Additionally, wildfires in western Canada have occurred, and investors are fearing that this could disrupt drilling in the area. Elsewhere, U.S. Treasury bond yields slid yesterday as traders focused on the downward revision to the March Producer Price Index. The Chicago Board Options Exchange Volatility Index, or VIX, commonly known as the fear index, declined rapidly yesterday and continued its march lower following a recent peak in mid-April. Several economic reports will be released in the days ahead. These include initial jobless claims, housing starts, building permits, and the import price index for April on Thursday. On Friday, U.S. leading economic indicators are on the docket. Additionally, several regional Fed Presidents will give remarks on the economy in the days ahead. - John E. Seibert III *At the time of this article’s writing, the author held no positions in any of the companies mentioned.* [CLICK HERE](https://investors.valueline.com/) for more information on our services or call 1-800-VALUELINE (1-800-825-8354). Our account managers are available Monday through Friday, 8:00 AM to 6:00 PM Eastern Time. 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