As trading progressed through Tuesday, stocks cautiously treaded lower, setting the stage for the much-anticipated Consumer Price Index (CPI) report slated for Wednesday. This report stands as a crucial compass, providing insights into potential Federal Reserve actions.
Market analysts align on an anticipated rise in the annual CPI rate from 3.2% to 3.4% in March, driven largely by ascending gasoline prices. Notably, core inflation, excluding volatile elements such as food and energy, is projected to dip marginally, from 3.8% to 3.7%.
The S&P 500 index grappled with a 0.2% setback, witnessing softness in financials, industrials, and energy sectors, while the tech segment remained stable. Simultaneously, the Dow encountered a 0.4% decline, but small caps managed a modest 0.1% gain.
Treasury yields marginally softened due to an uptick in bond demand, with the iShares 20+ Year Treasury Bond TLT advancing by 0.8%.
Gold prices climbed by 0.2% to reach $2,343, after breaching record highs in preceding sessions.
Bitcoin BTC/USD grappled with intensified volatility, witnessing a 4.6% decline, underscoring the erratic nature of the largest cryptocurrency.
Performance Snapshot of Major US Indices and ETFs
| Major Indices & ETFs | Price | 1-day %chg |
| Russell 2000 | 2,071.82 | 0.1% |
| Nasdaq 100 | 18,089.43 | -0.1% |
| S&P 500 | 5,191.62 | -0.2% |
| Dow Jones | 38,770.96 | -0.4% |
The SPDR S&P 500 ETF Trust SPY observed a 0.2% decline to reach $517.42, while the SPDR Dow Jones Industrial Average DIA dipped by 0.3% to $387.75. The tech-heavy Invesco QQQ Trust QQQ experienced a marginal 0.1% decrease, based on market data from Benzinga Pro.
In sectoral movements, the Real Estate Select Sector SPDR Fund XLRE outperformed, securing a 0.7% rise, while the Financials Select Sector SPDR Fund XLF lagged behind with an 0.8% decline.
Stock Market Highlights of the Day
- Nvidia Corp. NVDA noted a 3% slump, poised for the lowest finish since early March, marking the third successive week of declines—a streak not seen since September. ARK CEO Cathie Wood disclosed divestment of Nvidia shares worth nearly $4 million.
- Cisco Systems Inc. CSCO surged by 4% after Morgan Stanley elevated the company’s price target to $58.
- Moderna Inc. MRNA soared over 5% following promising results from an early study on the company’s cancer vaccine mRNA-4157.
- MP Materials Corp. MP ascended nearly 8%, boosted by a $58.5 million tax credit earmarked for progressing the construction of its rare earth magnet manufacturing facility.
- Freeport-McMoRan Inc. FCX advanced by 2.2% post Bank of America’s upgrade from Neutral to Buy. Concurrently, peer company Hudbay Minerals Inc. HBM surged by 8% subsequent to its elevation from Neutral to Buy status.
Explore more: Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals ‘Dance To Their Own Tune’
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