Daily summary: Powell and PPI fail to help dollar 🧭

Indices on Wall Street end the day slightly positive despite hawkish comments from Jerome Powell and slightly higher PPI data. The US500 gains 0.10%, and the US100 gains 0.25%.

Better sentiment on stocks is supported by weaker dollar performance. The USDIDX index loses nearly 0.20% today, and EURUSD is 0.30% higher at 1.0818.

PPI inflation in the US exceeds expectations. Core PPI remains at 2.4% year-over-year, despite expectations of a decline, while headline inflation rises to 2.2% year-over-year. Monthly measures also increase by 0.5% month-over-month. This strong rebound is, however, a result of revising March's data to negative levels.

The White House announces new tariffs on imported goods from China, including semiconductors, electric vehicles, lithium-ion batteries, and solar cells. The announcement primarily increases existing tariff rates. The measures are said to impact goods worth about $18 billion.

"Meme stocks" have once again taken over Wall Street, as seen in the strong increases of companies like AMC and GameStop, which gained 42% and 44%, respectively, at the session's close. However, gains were slightly reduced since they initially exceeded 100%.

Another popular sector today includes companies affected by the import tariffs from China, such as those in the photovoltaic and renewable energy sectors.

Jerome Powell maintains his stance on the lack of prospects for interest rate cuts in the near future, pointing to the absence of signs of progress in inflation. At the same time, Powell rules out the possibility of raising interest rates.

The ZEW index from Germany rises to 47.1 points, exceeding expectations of 46.2 and the previous level of 42.9. This positive surprise led to gains in the euro and an attempt to rebound in German stocks. However, the DE40 lost 0.07% today.

Cryptocurrencies do not share the enthusiasm in stocks, with the price of Bitcoin remaining in the consolidation area of $61,000-63,000.

WTI oil loses ground today, testing levels below $78 per barrel despite continued production cuts from OPEC.

Gold gains over 0.8% today, associated with the weakness of the dollar. Gold returns above $2,350. On the other hand, platinum gains over 3%, solidifying above $1,000 per ounce. The rise in platinum prices is due to expectations related to market deficits and supply uncertainties from Anglo American Platinum in South Africa.