Coinbase Global Inc. (COIN) just surged on news that it will be added to the S&P 500

Stocks got a lift from data showing headline US inflation unexpectedly cooled year-over-year to the lowest level in four years. Meanwhile, Coinbase Global Inc. (COIN)

Stocks rose on Wednesday as data showed U.S. inflation unexpectedly cooled in April for the fourth consecutive month.

Consumer prices grew 2.3% year-over-year, lower than the 2.4% reading for March and coming in below economists’ expectations of 2.4%. Month-to-month figures also didn't pick up as much as anticipated.

This, coupled with positive developments on tariffs, is helping investors feel comfortable that the inflation genie might be going back in the bottle.

The S&P 500 was recently 3% higher than Liberation Day and less than 5% away from its all-time high in February. The big debate is what all of this means for the Federal Reserve.

As of now, the market is betting that the Fed is in no rush to cut interest rates. The first rate cut is penciled in for September, but the inflation print is amplifying voices who say the Fed is behind the curve.

Meanwhile, Coinbase Global Inc (NASDAQ:COIN) just surged on news that it will be added to the S&P 500 - making it the first crypto company to enter the blue-chip index, notes Amber Kanwar, host of the In the Money with Amber Kanwar podcast.

It will be replacing Discover Financial starting May 19. It's a stunning turn of fortunes when you consider that one year ago the company was under investigation by the SEC.

(Recall that the Biden Administration was incredibly hostile to crypto companies.) Coinbase had a cheeky post about how this all went down: "First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500...or something like that."

In other crypto news, shares of Canadian crypto exchange WonderFi Technologies Inc (TSXV:WNDR) surged after it reached a deal to be purchased by Robinhood Markets Inc (NASDAQ:HOOD).

At C$0.36/share, the $250 million deal was a 41% premium to where the stock closed previously...but down 92% from the peak during the pandemic.