U.S. stocks fluctuated on Thursday, although they opened higher. A higher-than-expected wholesale inflation rate was one of the latest pieces of data that could influence the Federal Reserve at its policy meeting next week.
The S&P 500 (^GSPC) slipped 0.2%, while the Dow Jones Industrial Average (^DJI) fell 0.2%, or about 100 points. The tech-heavy Nasdaq Composite (^IXIC) wobbled. Shares of Nvidia (NVDA) and Tesla (TSLA) fell after falling in the previous session.
The producer price index rose 0.6% in February, above the expected increase of 0.3%. Investors were watching to see whether inflation would cool quickly enough to satisfy Fed policymakers and announce rate cuts. However, in Tuesday's CPI report, the market ignored signs of stubborn inflation and held on to hopes of a policy turnaround next summer.
Meanwhile, retail sales rose 0.6%, falling short of estimates for a 0.8% rise. Data released Thursday was closely watched for clues about the health of the U.S. economy ahead of the central bank's two-day meeting next week.
In commodities, oil's revitalized rally continued to build after the IEA warned that supplies would lag this year and U.S. inventories shrank. WTI crude futures (CL=F) traded just above $81 a barrel, hitting their highest since November, while Brent crude futures (BZ=F) rose above $85.
On the corporate front, shares of Fisker (FSR) plunged more than 40% after The Wall Street Journal reported that the electric vehicle maker is exploring a bankruptcy filing.
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- Thu, March 14, 2024 at 9:30 a.m. CDT
Oil profits due to falling inventories, escalating drone attacks on Russian refineries
Oil prices rose more than 1% on Thursday, extending gains from the previous session amid falling inventories and continued drone attacks on Russian refineries.
On Tuesday, West Texas Intermediate (CL=F) hovered just above $81 a barrel, while Brent (BZ=F), the international benchmark price, traded above $85 a barrel.
Data from the Energy Information Administration showed a decline in U.S. crude oil inventories last week.
The escalating drone attacks on Russian refineries in the wake of the Ukrainian-Russian war in recent days have also had an impact on oil markets.
Thu Mar 14, 2024 at 8:58am CDT
Stock prices are tumbling as inflation data is hotter than expected
Shares opened higher but quickly turned negative in early trading.
The S&P 500 (^GSPC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) also fell 0.4%, or about 100 points. The Nasdaq Composite (^IXIC) also slipped below the flatline.
Nvidia (NVDA) opened lower for the second straight day. The chipmaker's shares moved lower along with Tesla (TSLA) on Wednesday.
The producer price index rose 0.6% in February, above the expected increase of 0.3%. Investors viewed the print as the last key data point before the Federal Reserve's key policy meeting next week.
Thu Mar 14, 2024 at 8:32am CDT
Stocks rose slightly despite higher-than-expected inflation pressure
Stocks edged higher on Thursday even as wholesale inflation came in hotter than expected.
The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) rose 0.3%, or over 100 points. The Nasdaq Composite (^IXIC) also gained 0.2%, recovering from yesterday's losses.
Nvidia (NVDA) opened lower for the second straight day. The chipmaker's shares moved lower along with Tesla (TSLA) on Wednesday.
The producer price index rose 0.6% in February, above the expected increase of 0.3%. Investors have been keeping an eye on the pressure as they expect Fed policymakers to reiterate their intention to cut interest rates sometime this year after the Fed's meeting next week.
Thu, March 14, 2024 at 8:00 a.m. CDT
Retail sales are recovering
Retail sales rebounded in February after suffering their sharpest decline in nearly a year the previous month.
According to Census Bureau data, retail sales rose 0.6% in February from the previous month. Economists had expected spending to rise 0.8%, according to Bloomberg data. Previously, retail sales posted a surprise 1.1% decline in January.
February sales, excluding cars and gasoline, rose 0.3%, in line with estimates.
Thu Mar 14, 2024 at 8:58am CDT
Thu, March 14, 2024 at 8:00 a.m. CDT
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