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  3. US markets end higher on tamer-than-expected inflation data

US markets end higher on tamer-than-expected inflation data

16 May 2024 Evaluate

The US markets ended higher on Wednesday with Nasdaq settling over 230 points as a soft reading on consumer prices fueled hopes that the Federal Reserve could cut interest rates sooner than expected. A highly anticipated report released by the Labor Department showed consumer prices in the U.S. rose by slightly less than expected in the month of April. The Labor Department said its consumer price index increased by 0.3 percent in April after rising by 0.4 percent in March. Street had expected consumer prices to climb by another 0.4 percent. The report also said the annual rate of consumer price growth slowed to 3.4 percent in April from 3.5 percent in March, in line with expectations. The monthly increase in consumer prices partly reflected a surge in gasoline prices, which shot up by 2.8 percent in April after jumping by 1.7 percent in March.

Excluding food and energy prices, core consumer prices still rose by 0.3 percent in April after climbing by 0.4 percent in March. The increase in core prices matched street estimates. The annual rate of core consumer price growth decelerated to 3.6 percent in April from 3.8 percent in March. The slowdown also came in line with expectations. On the sectoral front, computer hardware stocks saw substantial strength on the day, driving the NYSE Arca Computer Hardware Index up by 4.1 percent to a record closing high. Shares of Dell (DELL) soared after Morgan Stanley raised its price target on the computer maker's stock to $152 from $128, calling it the best way to play the AI infrastructure build-out. Significant strength was also visible among housing stocks, as reflected by the 3.4 percent surge by the Philadelphia Housing Sector Index.

Dow Jones Industrial Average rose 349.89 points or 0.88 percent to 39,908, Nasdaq gained 231.21 points or 1.4 percent to 16,742.39 and S&P 500 was up by 61.47 points or 1.17 to 5,308.15.


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