Nasdaq leads stock rally as investors dismiss hot inflation data
U.S. stocks rose even as inflation at the consumer level surged to the highest level since 1981.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 34583.1 | +275.02 | +0.80% |
SP500 | S&P 500 | 4452.97 | +40.44 | +0.92% |
I:COMP | NASDAQ COMPOSITE INDEX | 13577.509171 | +165.55 | +1.23% |
The consumer price index rose 8.5% in March from a year ago, according to a new Labor Department report released Tuesday, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 1.2% in the one-month period from January.
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Investors are dipping back into equities after Monday’s selloff led by large-cap technology stocks.
In stocks, Apple could boost its dividend by 10%, according to the team at Citi which also notes it may authorize a $90 billion stock buyback.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
AAPL | APPLE INC. | 165.75 | -4.34 | -2.55% |
Tesla remains in focus as investors await Elon Musk’s next move as the company’s largest shareholder.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSLA | TESLA INC. | 975.93 | -49.56 | -4.83% |
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Keep an eye on the chipmakers after Nvidia, following Monday’s drop, rebounded after Bank of America said the selling was overdone.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
NVDA | NVIDIA CORP. | 219.17 | -12.02 | -5.20% |
AMD | ADVANCED MICRO DEVICES INC. | 97.37 | -3.63 | -3.59% |
INTC | INTEL CORP. | 46.57 | -0.45 | -0.96% |
CarMax shares under pressure after retail sales dropped over 5% during the quarter, as the cost of a used vehicle rose 40% to an average selling price of $8,300.
Elsewhere, Beyond Meat confirmed it will add 8,000 retailers to sell its plant-based chicken tenders.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BYND | BEYOND MEAT INC. | 43.96 | +0.85 | +1.97% |
CVS | CVS HEALTH CORP. | 104.45 | -2.16 | -2.03% |
ACI | ALBERTSONS COMPANIES | 34.78 | -0.50 | -1.42% |
AMZN | AMAZON.COM INC. | 3,022.44 | -66.77 | -2.16% |
Following their successful retail debut at Walmart and grocery chains Jewel-Osco, Safeway NorCal, Harris Teeter, Giant Food and ShopRite last year, Beyond Chicken Tenders are now available at select Albertsons, CVS, Sprouts and Whole Foods Market stores nationwide and will expand into all Kroger banners throughout April.
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Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
KMX | CARMAX INC. | 103.17 | +0.95 | +0.93% |
Oil also moved higher, inching back to the $100 per barrel level.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
USO | UNITED STATES OIL FUND L.P. | 72.30 | -1.81 | -2.44% |
BNO | UNITED STS BRENT OIL FD LP UNIT | 28.22 | -0.99 | -3.39% |
UGA | UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS | 53.52 | -1.75 | -3.17% |
That could impact gas prices which have retreated in recent days but remain above $4 per gallon across most of the country.
In cryptocurrencies, Bitcoin slipped below the $40,000 level.
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