April’s consumer price index rose to its highest level in three years
Stocks closed mixed on Tuesday as investors unpacked a hotter-than-expected inflation report, with April's consumer price index reading coming in at a three-year high of 3.8%. Stalled Iran peace talks also rattled sentiment, while tech profit taking pushed the Nasdaq to a triple-digit drop. Semiconductor stocks bore the brunt of today's selling, taking a breather from their recent surge. Meanwhile, the S&P 500 finished quietly in the red, though still holding above 7,400, while the Dow scored its third-straight daily win.
Continue reading for more on today's market, including:
- Cisco Systems stock hit record highs ahead of tomorrow's report.
- Earnings season -- who made the biggest moves?
- Plus, QUBT's revenue whiff; UAA's dismal quarter; and unpacking SPX sentiment.
5 Things to Know Today
- President Trump tapped former Federal Emergency Management Agency (FEMA) acting administrator Cameron Hamilton to lead the agency. (The New York Times)
- President Trump is expected to travel to Beijing this week for a summit with Chinese President Xi Jinping focused on tariffs and trade talks. (Reuters)
- This quantum computing stock fell sharply after a dramatic revenue miss.
- Under Armour stock fell off the deep end on a weak outlook.
- Sentiment shift shows extreme optimism in options buyers.
Oil Prices Surge
Oil prices surged Tuesday while hopes for a U.S.-Iran resolution continued to fade. June-dated West Texas Intermediate (WTI) settled 4.2% higher at $102.18 per barrel.
Gold prices slipped amid inflation concerns and raised fears of higher global interest rates. June-dated gold futures fell 0.7% to $4,693.90.