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Wall Street rebounds on softer inflation data, eyes on earnings

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NEW YORK, April 11 - U.S. stocks rebounded from a steep sell-off on Thursday as fresh economic data rekindled hopes that inflation remains in a cooling trend.

On Wednesday, hotter-than-expected CPI data sent stocks sharply lower and benchmark Treasury yields to their highest level since November. The report doused hopes that the central bank could implement as many as three rate cuts before year-end, possibly starting as soon as its June policy meeting. John Williams, President of the Federal Reserve Bank of New York, said"there's no clear need to adjust monetary policy in the very near term."

Investors now switch their focus to first-quarter earnings season, with results from three major U.S. banks - JPMorgan Chase & Co , opens new tab, Citigroup Inc , opens new tab, and Wells Fargo & Co , opens new tab - due Friday morning. Globe Life , opens new tab tumbled 43.4% after Fuzzy Panda Research disclosed a short position in the company, alleging multiple instances of insurance fraud.

 

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