Nasdaq jumps 1% but hot inflation reading ends the market’s 5-week winning streak

Nasdaq jumps 1% but hot inflation reading ends the market’s 5-week winning streak

US stocks surged on Friday, with the Nasdaq 100 jumping about 1%, but the gains weren't enough to extend a five-week winning streak. The volatile sell-off mid-week came after CPI data showed the sharpest rise in consumer prices since 1990, highlighting the ongoing concern that rising inflation may lead the Fed to raise interest rates sooner than expected. On the flip side, corporate earnings continue to impress investors, likely adding to Friday's gain. With 91% of S&P 500 companies having reported third-quarter earnings so far, 81% have beat profit estimates by a median of 9% while 72% have beat revenue estimates by an average 5%, according to data from Fundstrat. makes the EV maker the second most valuable US carmaker after Tesla, and its founder is now worth more than $2 billion. worth of shares on Thursday as he faces a multi-billion dollar tax bill related to deep in-the-money options that have fully vested and are set to expire next year. Musk has sold more than $5 billion in Tesla stock this week. to Neutral on Friday, despite continued strong fundamentals and an improving business outlook. Coffee amid a convergence of global supply headwinds and steady demand from consumers. The