Global Markets React to US Inflation Data

The Nasdaq rose by 0.79% on Wednesday, led by large-cap technology stocks, after a slightly lower-than-expected increase in inflation last month indicated that the Federal Reserve's rapid interest rate hikes were yielding results. The Labor Department's Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared with expectations of a 5% increase. The rate-sensitive S&P 500 technology sector index rose 0.8%, while communication services rose 0.9%. However, Airbnb dropped by 11.5% as the vacation rental booking company saw fewer bookings and lower average daily rates in the second quarter.