However, late-hours trading witnessed a downturn in the S&P 500 as major tech stocks, including Meta Platforms Inc., experienced a sell-off. Meta's disappointing outlook cast doubt on whether the market's enthusiasm for artificial intelligence, which has been a key driver of the bull market, may have reached excessive levels. Meta's first-quarter revenue of $36.5 billion, marking a robust 27% increase year-over-year, was a notable achievement.
The unexpected surge in consumer price inflation for March has shifted expectations regarding the timing of potential interest rate cuts by the Fed. The critical question now is whether the release of hotter-than-expected data will narrow the 2024 window for rate cuts even further, potentially triggering another downturn in the market. Oil futures closed lower on Wednesday following the release of data from the Energy Information Administration indicating weak demand for gasoline among U.S.
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