🚀 Inflation Figures

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. In April, inflation rose in line with expectations, keeping markets uncertain about the timing of interest rate reductions, according to the closely watched personal consumption expenditures (PCE) price index report. The core PCE index, which excludes food and energy, increased by 0.2% monthly and 2.8% annually, slightly above estimates. Including food and energy, annual PCE inflation was at 2.7%. Despite the modest increase, core inflation has remained stable, concerning Federal Reserve officials like Fed Chair Jerome Powell, who seek a consistent decline toward the 2% goal. Energy prices rose by 1.2%, while food prices slightly declined. Personal income rose by 0.3%, with spending up 0.2%, lower than expected. Market reactions were mixed, with stock futures rising and Treasury yields falling. Fed officials, emphasizing a cautious stance, indicate that rate cuts are unlikely before September, with market expectations pushing potential rate reductions to November, post-election.

2. Billionaire investor Bill Ackman is selling a 10% stake in his investment firm, Pershing Square, through a $1.05 billion funding round, hinting at plans to take the firm public. This round values Pershing Square at $10.5 billion and involves anonymous institutional and family office investors. While Ackman has not yet hired bankers or begun the IPO process, the move indicates long-term public offering ambitions. Ackman, who recently appointed Ryan Israel as CIO, still holds ultimate decision-making power at Pershing Square, which manages $18.6 billion. Known for his market success and activism, Ackman is also launching a new investment vehicle on the NYSE, aiming to attract Main Street investors by focusing on large-cap, investment-grade companies. Pershing Square, which saw a 26.7% gain last year, currently holds stocks including Alphabet, Chipotle, and Hilton Hotels. Ackman, who ended his activist short-selling in 2022, continues to be a prominent voice on social issues and the financial market.

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4. Headlines

   1. Dell shares fell 17% after it was revealed that they were selling their AI servers near break even.

   2. Trump Media shares fell after his fraud conviction.

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