Stock Market News, March 12, 2024: S&P 500 Logs Fresh Record After Hotter-Than-Expected Inflation Data

February’s hotter-than-expected inflation data did little to change investors’ rate-cut expectations for this year. That lifted stocks Tuesday.

Read the day’s full markets round-up here.

The consumer-price index rose 3.2% in February from a year earlier, topping the 3.1% economists expected. Core inflation, which excludes volatile food and energy costs, also came in slightly higher than projected.

January’s reading came in hot, clouding expectations for when the Federal Reserve might start cutting interest rates. Despite February’s similarly strong report today, investors’ hopes for rate cuts later this year are holding steady.

As of 4 p.m. ET:

Major stock indexes finished higher, with the Nasdaq Composite up roughly 1.5% and the S&P 500 logging its 17th record close of the year.

Treasury yields rose. The benchmark 10-year yield settled at 4.154%, its largest one-day gain in nearly a month, up from yesterday’s 4.103% settle.

Oracle shares popped to a record high after the company’s earnings topped expectations, boosted by AI demand. Nvidia stock jumped on a strong day for tech shares.

Bitcoin was near $71,000, backtracking a bit after climbing to a record high Monday. (Check out our Binance exclusive here.) Gold also retreated from yesterday’s all-time high.

Southwest Airlines skidded. The carrier said it is reevaluting its guidance, citing delayed deliveries from Boeing. An ETF that includes airline shares also fell.

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