Inflation Hot, Stocks Sink

The S&P 500 slipped Thursday after the release of hotter-than-expected U.S. inflation data that sent Treasury yields higher, while Nvidia shares were under pressure.

The Dow Jones Industrials lost 91.41 points to pause for lunch Thursday at 38,951.91.

The much-broader index slid 14.08 points to 5,151.23.

The NASDAQ deducted 31.08 points to 16,146.68.

Investors were buying major technology shares like Apple and Microsoft Thursday. Trading platform Robinhood popped 7% after the company reported a 16% increase in assets under custody in February from the prior month. Troubled electric vehicle startup Fisker tumbled 48% after The Wall Street Journal reported that the company has hired restructuring advisors to prepare for a potential bankruptcy filing.

February’s producer price index, a measure of wholesale inflation, advanced 0.6% last month. Excluding food and energy prices, core PPI climbed 0.3% in February, compared to an estimate from economists polled by Dow Jones that forecast headline PPI increased by 0.3% in February, or 0.2% for the core reading.

The PPI report is the last major piece of economic data to be released prior to the Federal Reserve’s upcoming policy meeting, set for March 19-20.

Prices for the 10-year Treasury lost ground, boosting yields to 4.29% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.

Oil prices jumped $1.05 to $80.97 U.S. a barrel.

Gold prices sagged $22.40 to $2,158.20.

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