On Tuesday US stock indices witnessed a spike following the release of inflation data. The Dow Jones Industrial Average was up 215 points, or 0.6%, the S&P 500 was up 0.8%, and the Nasdaq composite was up 1% at 10:30 a.m. Eastern time.
February saw a rise in US inflation for the second consecutive month due to increasing gas costs. According to official data issued on Tuesday, the core consumer price index (CPI), which does not include food and energy expenditures, increased by 0.4% from January to February after increasing by 0.3% the previous month.
The most recent data on consumer prices suggests that the Federal Reserve will continue to have difficulties due to persistently high inflation.
When the Fed meets to discuss monetary policy next week, policymakers are anticipated to keep interest rates unchanged for a fifth consecutive meeting. Late on Monday, the yield on the 10-year Treasury increased to 4.13 percent from 4.10 percent.
Oracle’s stock increased 11% on the release of the company’s higher-than-expected quarterly earnings. Nvidia increased by 3.1%, New York Community Bancorp gained 1.5%, and 3M increased by 4.3%.
Following news that the Federal Aviation Administration (FAA) audit discovered numerous issues with the 737 MAX’s manufacturing, Boeing saw a 4.1% decline in share price. On Tuesday, most European markets saw gains.
At 7,751.96, the FTSE 100 in Britain increased by 1.1%. At 8,033.91, France’s CAC 40 saw a 0.2% increase. The DAX in Germany gained 0.4%, closing at 17,821.30. By 0.3%, the Euro Stoxx 50 increased.
At 3,055.94, the Shanghai Composite saw a 0.4% loss. Japan’s Nikkei 225 index dropped 0.1% to close at 38,797.51.
Following OPEC’s reaffirmation of its prediction for comparatively robust increase in the world’s oil consumption in 2024, oil prices jumped on Tuesday. By 1420 GMT, Brent futures for May delivery were up 24 cents at $82.45 a barrel. West Texas Intermediate (WTI) oil for April saw a 31-cent increase to $78.24.
As US inflation increased in February once more, gold prices declined on Tuesday. As of 9:54 a.m. in New York, spot gold was down 1% at $2,161.14 an ounce.
