U.S. stocks moved higher as traders reacted to a cooler-than-expected inflation report. The core Consumer Price Index came in at 2.4% year-over-year, slightly below the forecast of 2.5%.
Shares of Applied Materials surged to a record high after the company delivered an upbeat sales forecast. As the largest U.S. supplier of chip-making equipment, the firm expects revenue of approximately $7.6 billion for its fiscal second quarter.
Meanwhile, Coinbase shares staged a significant rebound just one day after posting disappointing results. This rally suggests that investors may have already been bracing for the worst, leading to a relief surge. Trading volume for the stock was nearly triple its daily average.
In contrast, shares of the sports betting platform DraftKings saw their biggest single-day drop since 2022. The sharp decline, down about 12%, followed the company’s revenue forecast for the year, which fell short of average analyst estimates.
