Global Courant 2023-04-11 20:44:13
The S&P 500 was little changed Tuesday as investors look towards the release of economic data later this week for insight into the pace of future interest rate hikes.
The broader index was flat. The Dow Jones Industrial Average rose 79 points, or 0.2%, while the Nasdaq Composite dipped 0.5%.
CarMax shares jumped 8% after the used car retailer posted a stronger-than-expected quarterly profit. Meanwhile, Modern shares shed more than 5% after the biotech firm said it’s delaying its flu vaccine.
Investors are anticipating the March readings of the consumer price index, due Wednesday, and the producer price index, out Thursday. Both inflation metrics could give further clarity into how the Federal Reserve might proceed on its rate-hiking campaign.
“The data coming forward this week is important in that it will be one of the last sets of data to inform the May 3rd Federal Reserve meeting. And, as the Federal Reserve evaluates their battle against inflation and the appropriate pace of monetary policy, market conditions have already begun to lean back towards an additional rate increase at the next meeting,” US Bank Wealth Management’s William Northey said.
“This set of data will certainly provide context for the Federal Reserve to evaluate where they are in that battle,” Northey added.
Further, Wall Street is heading towards another season of earnings announcements, with several major US banks scheduled to release their earnings reports for the first time since the series of bank crises in March. JPMorgan Chase, Wells Fargo and Citigroup are set to report Friday. BlackRock and UnitedHealth Group are also scheduled to report.
