Stocks responded positively on Tuesday following the release of the latest inflation report, which mostly in line with expectations for February.
The consumer price index rose by 0.4% in February and 3.2% on a yearly basis, as reported by the Bureau of Labor Statistics on Tuesday. Economist surveys conducted by Dow Jones had anticipated a similar 0.4% increase for the month and a 3.1% rise on a year-over-year basis. Core inflation, which excludes food and energy prices from the headline figure, also increased by 0.4% in February, exceeding the projected 0.3% gain.
Technology stocks saw a boost in response to the report, with chipmaker Nvidia’s shares rising by 2.5% in premarket trading. Other tech giants, including Apple, Microsoft, and Tesla, also recorded gains of approximately 1%. Oracle experienced a significant surge of over 11% after surpassing Wall Street’s earnings expectations.
The current market sentiment remains optimistic, with Skyler Weinand, Chief Investment Officer at Regan Capital, noting, “[W]hile it’s natural to expect the market to cool down a bit, it’s proving difficult to see what may stop the market’s momentum, as earnings, inflation, and interest rates are moving in the right direction.”
Source (CNBC)
