US stocks rose Wednesday after the government's April inflation report showed further cooling of pricing pressures, a development that could support a decision by the Federal Reserve to pause or end its rate-hike campaign.
Stock futures turned higher after the Bureau of Labor Statistics released its report, putting the S&P 500 on track to rise for the third time in four sessions. increased 4.9% over the past year, marking lowest reading since May 2021. The result was below expectations of 5%. "The fall in annual US inflation from 5% in March to 4.9% in April is welcome news for the US economy. It is also welcome news, of course, for the US banking sector as the US Federal Reserve now has room to consider holding rates at its next meeting in June," Oliver Rust, head of product at Truflation, an inflation data aggregator, said in a note."
"With four banks lost in under two months due in part to the pressure of rising interest rates, the sector will breathe a heavy sigh of relief," he wrote.
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