Hot Inflation Data Plays Trick on Major Benchmarks

The PPI reading for February dinged stocks

Digital Content Manager
Mar 14, 2024 at 4:27 PM
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The producer price index (PPI) reading for February pulled the rug out from under Wall Street today, after doubling analysts' expectations. Treasury yields moved sharply higher as hopes of interest rate cuts went down the drain and the major indexes all spiraled into red territory. The Dow snapped its three-day win streak, the Nasdaq marked a steep loss of its own, and the S&P 500 distanced itself from record highs, all while the Cboe Volatility Index (VIX) recorded its best day since Feb. 20.

Continue reading for more on today's market, including:

  • Signal suggests huge upside for uranium stock.
  • Blocked buyout dings United States Steel stock.
  • Plus, how money management plays into options trading; behind this retail stock's plummet; and Dick's Sporting Goods' blowout report.

Closing Indexes Summary March 14

NYSE and Nasdaq Stats March 14

5 Things to Know Today

    1. Marlboro parent Altria Group (MO) will sell 35 million shares of Anheuser-Busch InBev (BUD) to buy back its own stock. (MarketWatch)
    2. Former Treasury Secretary Steven Mnuchin is putting together an investor group that could buy TikTok. (CNBC
    3. Money management can aid your options trading strategy.
    4. The return of its founder did not bode well for this retail stock.
    5. Dick's Sporting Goods notched post-earnings record highs.

    Corporate Earnings March 14

    Unusual Options Activity March 14

    Oil Prices Surge on Growth, Supply Forecast

    Oil prices hit their highest level since November, after the International Energy Agency (IEA) raised its oil demand growth forecast for 2024 and slashed its supply outlook for countries that do not belong to the Organization of the Petroleum Exporting Countries (OPEC). April-dated West Texas Intermediate (WTI) added $1.54 cents, or 1.9%, to finish at $81.26 per barrel.

    Hotter-than-expected inflation data, rising Treasury yields, and a stronger greenback all contributed to lower gold prices. April-dated gold dropped $13.30, or 0.6%, to settle at $2,167.50 per ounce.

     

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