Investors seem to be holding out for inflation data
Wall Street began the week quietly, with investors likely in a holding pattern until after tomorrow's consumer price index (CPI) reading for February. The Dow still managed to reverse its midday triple-digit losses and nabbed a small gain, however, while both the S&P 500 and Nasdaq settled below breakeven. Amid this hesitancy, the Cboe Volatility Index (VIX) settled at its highest level in more than two weeks, and marked is fifth daily gain in six.
Continue reading for more on today's market, including:
- Heavily shorted pharma stock gets bullish attention.
- These 2 crypto stocks enjoyed Bitcoin's record highs.
- Plus, analyst sings DUOL's praises; China e-tailer on the rise; and another Boeing mishap.
5 Things to Know Today
- President Joe Biden pitched a $7.3 trillion budget for a potential second four-year term. (Reuters)
- Reddit is looking to raise about $750 million as part of its upcoming initial public offering (IPO). (CNBC)
- Analyst: Duolingo stock could see 26% upside.
- Higher consumer prices boosts Pinduoduo stock.
- Boeing stock pivots lower after another flight incident.
There were no notable earnings reports today.
Commodities Muted Ahead of Inflation Data
Oil prices settled lower ahead of inflation data for February and outlooks from the both Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA). April-dated West Texas Intermediate (WTI) shed 8 cents, or 0.1%, to finish at $77.93 per barrel.
Gold prices settled near record levels as traders also awaited economic data that could shed light on the future of interest rates. April-dated gold added $3.10, or 0.1%, to settle at $2,188.60 per ounce.