Signs of persistent inflation is crushing hopes of rate cuts
The Dow suffered a steep drop today, after this morning's hotter-than-expected CPI report sent the market reeling, with investors pulling away from hopes of interest rate cuts any time soon. Treasury yields soared after the event, and the release of the Fed's March meeting minutes didn't help matters either, as it reflected unease from some officials over stubbornly high inflation.
The blue-chip index finished the day down 422 points, marking its seventh daily loss in the last eight sessions. The Nasdaq and S&P 500 closed sharply lower as well, the former snapping a three-day win streak with a triple-digit loss.
Continue reading for more on today's market, including:
- Oil & gas stock flashing bull signal after recent run.
- GoodRx stock upgraded on potential for subscriber growth.
- Plus, 2 notable price-target hikes; and the best and worst-performing sectors since late October.
5 Things to Know Today
- Today's Fed-focused updates had Barclays reducing its rate cut forecast to one in 2024. (Reuters)
- Four of Paramount Global's (PARA) directors are expected to step down amid continued merger talks with Skydance Media. (MarketWatch)
- Heavily shorted Albemarle stock hit with bull note.
- Morgan Stanley sees upside for Nvidia stock after recent dip.
- How SPX sectors have performed during its recent rally.
Gold Pulls Back from Records
Oil prices rose today, as concerns regarding tensions in the Middle East overshadowed ceasefire talks. May-dated West Texas Intermediate (WTI) rose 98 cents, or nearly 1.2%, to settle at $86.21 a barrel.
Gold prices pulled back from all-time highs after today's inflation data and Fed minutes. June-dated gold futures fell 0.5% to $2,351.80 per ounce.