2024-03-13 01:54:39
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The Dow Jones New York Stock Exchange Index closed up more than 200 points on Tuesday (March 12), while the S&P Index closed at a record high. After the United States revealed inflation numbers that were close to analysts’ expectations. This information caused investors to buy stocks in technology companies with high market caps. This includes Indian shares and Meta Platforms shares.
The Dow Jones Industrial Average closed at 39,005.49 points, up 235.83 points or +0.61%, the S&P 500 Index closed at 5,175.27 points, up 57.33 points or +1.12%, and the Nasdaq Index closed at 16,265.64 points, up 246.36 points or +1.54%.
The US Department of Labor revealed that The Consumer Price Index (CPI), which measures inflation in consumer spending, rose 0.4% in February on a month-on-month basis. which is in line with analysts’ forecasts. After increasing 0.3% in January.
Year-on-year, the CPI rose 3.2% in February, beating analysts’ expectations for a 3.1% increase after rising 3.1% in January.
The Core CPI index, which does not include food and energy, increased 0.4% in February on a monthly basis. This was higher than analysts’ expectations for a 0.3% increase after a 0.4% gain in January. Year-on-year, the CPI rose 3.8% in February, above analysts’ expectations. will increase 3.7% after increasing 3.9% in January.
Jeffrey Roach, an analyst at LPL Financial, said the latest CPI figures do not cause investors to worry too much that the Federal Reserve may not cut interest rates in June. Y. The data shows the Fed’s path to reaching its 2% inflation target remains uncertain.
The latest CME Group’s FedWatch Tool indicates that investors give 70% weight to the Fed to cut interest rates at its June meeting. That’s slightly down from 71% before the US CPI was released.
Oracle shares rose 11.7% and were a factor supporting the S&P 500 index to close at a new high after the company revealed higher-than-expected profits in December. 2023 – February 2024, which is the 3rd quarter of the company’s fiscal year. This was driven by revenue from the cloud business.
Technology stocks surge by Indian stocks Soared more than 7%, Microsoft shares rose 2.6% and Meta shares rose 3.3%.
Boeing shares fell 4.3% as investors remained concerned about aircraft safety. Most recently, the New York Times newspaper reported that The U.S. Federal Aviation Administration (FAA) has found numerous problems at Boeing factories and its key supplier Spirit. Spirit AeroSystems after six weeks of inspection of Boeing 737 Max production
The FAA has been investigating Boeing. After the Boeing 737 Max 9 of Alaska Airlines, a part of the plane’s wall fell off mid-air in January. The incident sparked a rigorous review of Boeing’s quality control practices.
Investors will be keeping an eye on the release of the Producer Price Index (PPI) for February in the US on Thursday. To find clear signals about the direction of inflation and the Fed’s interest rates. Ahead of the Fed’s monetary policy meeting on March 19-20.
In addition to the PPI index, investors are also waiting to see other U.S. economic data this week. This includes weekly jobless claims, February retail sales, March Empire State Manufacturing Index from the New York Fed, February industrial production. and the March Consumer Confidence Index from the University of Michigan.
Source: InfoQuest News Agency
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