Wall Street was content with February's CPI reading
The S&P 500 logged a record close on Tuesday, as contentment with the consumer price index (CPI) for February took hold of Wall Street. Meanwhile, the Dow and Nasdaq notched healthy triple-digit wins as investors -- who still expect interest rate cuts in June -- rotated back into the tech sector, with both Nvidia (NVDA) and Meta Platforms (META) leading the gainers. Elsewhere, the Cboe Volatility Index (VIX) had its worst day since Feb. 14.
Continue reading for more on today's market, including:
5 Things to Know Today
- Apple (AAPL) said developers in Europe will be free to surpass its App Store and distribute their apps directly to consumers.(Reuters)
- The U.S. budget deficit grew to $296 billion in February, according to the Treasury Department, up from $262 billion a year ago. (MarketWatch)
- Options traders targeted Kohl's stock after earnings.
- Why Southwest Airlines pointed the finger at Boeing.
- Oracle teased an announcement with chip giant Nvidia.
Oil Prices Falter After OPEC, IEA Forecasts
Oil prices fell on Tuesday, as the Organization of the Petroleum Exporting Countries (OPEC) maintained its demand outlook for 2024, while the Energy Agency (IEA) raised its output growth forecast. April-dated West Texas Intermediate (WTI) shed 37 cents, or 0.4%, to finish at $77.56 per barrel.
Inflation data weighed on gold prices, as traders became less optimistic about interest rate cuts in the near future. April-dated gold fell $22.50, or 1.2%, to settle at $2,161.90 per ounce.