Nasdaq hits record ahead of new inflation data

• The Nasdaq hit a record in early trading on Tuesday, while other indexes delivered mixed numbers.

• Traders await PCE inflation data on Friday.

• Markets will also digest housing market data and revised first-quarter GDP figures.

Stock prices were mixed on Tuesday, with the Nasdaq hitting records in early trading as traders awaited several big data points in the day ahead that could impact markets.

The headline event for investors will be later this week, when the Bureau of Economic Analysis releases the personal consumption expenditures price index for April. The consumer price index showed some encouraging signs earlier this month, and the PCE – the Federal Reserve's preferred inflation measure – will help markets gauge the stance of Fed policy.

PCE is expected to be flat from the previous month and increase 2.7% year-on-year.

Before that, however, markets must process revised economic growth data for the first quarter as well as housing market data in the form of the Case-Shiller house price index.

This week will also see another round of Fed speakers commenting on the economy, inflation and interest rates. On Tuesday morning, Minneapolis Fed President Neel Kashkari sounded combative in an interview with CNBC, saying the central bank will have to wait many months of falling inflation before cutting rates. He added that nothing is out of the question, including rate hikes, if inflation does not make further progress.

“I see no reason to rush into cutting interest rates. I think we should take our time and do it right,” Kashkari said.

Here you can see the situation of the US indices shortly after trading began at 9:30 a.m. on Friday:

Here's what else is happening today:

For commodities, bonds and cryptocurrencies:

• The price of West Texas Intermediate crude oil rose 1.7 percent to $79.09 per barrel. The international reference price for Brent crude oil rose 0.4 percent to $83.45 per barrel.

• The price of gold rose slightly by 0.9% to USD 2,354 per ounce.

• The yield on 10-year government bonds fell one basis point to 4.457%.

• Bitcoin fell 0.5% to $68,212.51.

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