Here are today’s market moves:
S&P 500 down 0.035% to 3,909.88
Dow Jones up 0.20% to 31,437.80
Nasdaq down 0.25% to 13,972.53
Gold: $1,842
Bitcoin: $45,081
US10Y: 1.123%
What Happened?
U.S. stocks ended the day mixed as investors analyzed what the new inflation reading means for aid prospects.
The Dow Jones closed at a record high while the S&P 500 slightly declined for a second straight day.
Investors are wagering that President Biden’s $1.9 trillion stimulus package will help boost the economy.
In January, the cost of U.S. consumer goods and services grew at the fastest rate in five months, mainly due to higher gas prices. Inflation more broadly was still low, however.
Consumer price index (CPI) has risen 1.4% in the past year. Before the COVID pandemic hit, consumer inflation was at 2.3%
Federal Reserve Chair Jerome Powell stressed on Wednesday that the central bank will continue to support the economy via low interest rates and large asset purchases.
Some analysts believe that that market could be in for a period of range-bound trading. Some also believe that a small market correction should be expected after a historic run in the equities market since the November election.
What Else?
This Week
Monday: Earnings expected from Chegg and Hasbro.
Tuesday: Earnings expected from Cisco, Canopy Growth, DuPont, Lyft, and Twitter.
Wednesday: Earnings expected from Coca-Cola, GM, Uber, Under Armour, and Zynga; Federal Reserve Chair Jerome Powell to speak on a webinar; The U.S. consumer price index released.
Thursday: Weekly jobless claims; Earnings expected from AstraZeneca, Cloudflare, Datadog, Disney, Kellog’s, Kraft Heinz, and PepsiCo.
Friday: Earnings expected from Dominion Energy.