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Stock market today: 'Magnificent 7' power stock surge after CPI-fueled sell-off

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Consumer Prices,Tech Stocks

Investors were bracing for a wholesale inflation print, after a surprise uptick in CPI shook markets and undermined bets on interest-rate cuts.

US stocks rose on Thursday as Big Tech stocks led a rebound from a sell-off fueled by Wednesday's surprise uptick in consumer prices. 1%. The tech-heavy Nasdaq Composite led the way, gaining roughly 1.7%. The S&P 500 rose about 0.7%, coming off a rout that saw the major gauges drop about The Dow Jones Industrial Average had a more modest day, closing just slightly below the flatline. Meanwhile, the 10-year Treasury yield traded around 4.

2% from the previous month, a lower rate of growth than economists had forecast. Year-over-year growth of 2.1% was also below estimates. However, that annual growth represented the fastest jump in producer prices in nearly a year. Stocks pulled back and bond yields soared after a hotter-than-expected March CPI report prompted investors to reassess expectations for Federal Reserve policy. The market is now pricing in just two rate cuts in 2024, to come later in the year than foreseen.

 

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