WASHINGTON: Global equities set both an intraday high and record close on Tuesday as markets as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation while Wall Street's main indexes wavered before ending little changed.
"The major equity market indices may have finished the day roughly unchanged, but look no further than energy and oil markets for evidence that the reopening trade is alive and well," said Elyse Ausenbaugh, a global market strategist and JPMorgan Private Bank. "Markets are letting the macroeconomic data lead the way with Treasury prices lower and yields higher after strong numbers this morning," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina, adding that news of oil supplies rapidly drawing down, which will lead to higher oil prices, has prompted traders.
"Memorial Day just brought the Transportation Security Administration's busiest day since the start of the pandemic, and data from GasBuddy suggested that we saw the highest Sunday demand for gasoline in the U.S. since the summer of 2019," added Ausenbaugh of JP Morgan Private Bank.