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  3. US markets end higher as inflation data cements bets on rate hike pause

US markets end higher as inflation data cements bets on rate hike pause

14 Jun 2023 Evaluate

The US markets ended higher on Tuesday after the Labor Department released its highly anticipated report on consumer price inflation in the month of May, showing prices edged slightly higher. The Labor Department said the consumer price index inched up by 0.1 percent in May after climbing by 0.4 percent in April. Street had expected prices to tick up by 0.2 percent. Excluding food and energy prices, core consumer prices rose by 0.4 percent in May, matching the increase seen in each of the two previous months as well as Street estimates. The Labor Department also said the annual rate of consumer price growth slowed to 4.0 percent in May from 4.9 percent in April. Street had expected the pace of growth to slow to 4.1. The year-over-year growth in May marked the smallest annual increase since the period ending March 2021. The annual rate of core consumer price growth also slowed to 5.3 percent in May from 5.5 percent in April, in line with expectations.

The data added to optimism about the Federal Reserve pausing its recent interest rate increases when the central bank announces its monetary policy decision on Wednesday. On the sectoral front, Steel stocks moved sharply higher after China's central bank unexpectedly lowered a short-term lending rate, resulting in a 2.3 percent surge by the NYSE Arca Steel Index. The index reached a nearly two-month closing high. Considerable strength was also visible among chemical stocks, driving the S&P Chemical Sector Index up by 2.2 percent to its best closing level in well over a month. Oil service stocks also saw significant strength amid a rebound by the price of crude oil, with the Philadelphia Oil Service Index climbing by 1.7 percent.

Dow Jones Industrial Average rose 145.79 points or 0.43 percent to 34,212.12, Nasdaq surged 111.4 points or 0.83 percent to 13,573.32 and S&P 500 was up by 30.08 points or 0.69 percent to 4,369.01. 


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