Stock market today: S&P 500 hits new record high as investors shrug off sticky inflation data |
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To get the latest market news check out finance.yahoo.com US stocks notched gains across the board on Tuesday after key inflation data came in hotter than expected to help set expectations for the timing of a Federal Reserve interest-rate cut. The S&P 500 (^GSPC) rose about 1.2% to close at a new record high, while the tech-heavy Nasdaq Composite (^IXIC) climbed roughly 1.5% after two days of losses, led by chip giant Nvidia's 7% gain (NVDA). The Dow Jones Industrial Average (^DJI) ticked up about 0.6% Treasury yields also gained with the 10-year yield (^TNX) rising 5 basis points to trade around 4.15%. Gold prices (GC=F) fell more than 1% to trade near $2,162. Investors are digesting the Consumer Price Index release, one of the most important data inputs for the Fed in deciding its next policy move. Headline inflation met expectations with a monthly gain of 0.4% in February, following a 0.3% rise the month before. But "core" CPI — which strips out food and energy prices — came in at a 0.4% rise on the month and 3.1% gain on the year, both higher than estimates. The CPI print is seen as influential, given Fed policymakers have said they want to be sure inflation is easing before beginning to bring rates down from their historically high level. Before the CPI release, S&P 500 traders were hedging moves of 0.9% in either direction for stocks. Meanwhile, bitcoin (BTC-USD) continued its record-setting rally with a rise above $72,000 earlier in the session. Surging inflows into crypto assets have helped the leading token to notch an almost 70% gain this year so far, prompting bulls to predict bitcoin could reach as high as $350,000 this year. On the corporate front, Oracle (ORCL) shares jumped about 12% on signs the database giant is making progress in cloud computing amid a tie-up with AI chip giant Nvidia. For more on this article, please visit: https://finance.yahoo.com/news/stock-market-today-sp-500-hits-new-record-high-as-investors-shrug-off-sticky-inflation-data-200200583.html |