U.S. stocks sank across the board after hotter-than-expected inflation data dimmed hopes of a June rate cut by the Federal Reserve. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 38414.92 -468.75 -1.21%
SP500 S&P 500 5155.94 -53.97 -1.04%
I:COMP NASDAQ COMPOSITE INDEX 16137.011869 -169.63 -1.04%

The Dow Jones Industrial Average fell more than 500 points following the release of the data on Wednesday morning before paring some losses. The Nasdaq Composite and S&P 500 were also lower. 

Treasury yields spiked, with the 10-year hitting 4.5% for the first time in 2024, and the 2-year yield hovering just below 4.9%. 

INFLATION RUNS HOT IN MARCH

Dow Jones Industrial Average

WHY ARE GROCERIES STILL SO EXPENSIVE?

The consumer price index rose 3.5% annually in March and 0.4% vs. the prior month. Both exceeded economists’ forecasts. Core prices rose 3.8% annually. Rent costs rose 5.7%, while grocery prices climbed 1.2% on an annual basis. The price of lettuce was up 5.8% while beef and veal soared 7.6%.

Seventy-eight percent of market participants expect the Fed to hold rates steady at the June meeting, while 54% expect the same in July, as tracked by the CME’s Fed Watch Tool.

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