S&P 500, Nasdaq end sharply higher on soft inflation data, eyes on earnings

KTMB: Passengers unable to continue journey due to disrupted ETS service between Kamunting and Bukit Merah to get full refundThe Dow Jones Industrial Average fell 2.43 points, or 0.01 per cent, to 38,459.08, the S&P 500 gained 38.42 points, or 0.74 per cent, to 5,199.06 and the Nasdaq Composite added 271.84 points, or 1.68 per cent, to 16,442.20.

“There’s a suggestion that the inflation numbers the Fed really cares about ― the PCE numbers ― aren't going to be quite as dire as CPI,” Nick added. “And the parts of the market that were most punished yesterday are having a bit of a comeback today.”While the PPI data was more encouraging, the data did indicate that inflation's journey down toward the central bank's annual 2 per cent target might be too meandering for the Fed.

“Investors are starting to absorb the possibility that maybe inflation could linger just a little bit longer and the Fed's going to continue to remain patient, which is their big word right now,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. Of the 11 major sectors in the S&P 500, tech was out front, while financial shares were the laggards.CarMax slid 9.2 per cent after the pre-owned vehicles retailer missed analysts' estimates for fourth-quarter results and said it might not meet its long-term vehicle sales target.

Biotech firm Alpine Immune Sciences is to be acquired by Vertex Pharmaceuticals for about $4.9 billion in cash, both companies said. Alpine surged 36.9 per cent.

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US stocks inch to higher close as markets brace for CPI data, earningsNEW YORK, April 10 ― The Nasdaq and S&P 500 posted modest gains today, a day ahead of major inflation data, weighed down by financial stocks as investors braced for major US...
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