US Stocks Rally on Anticipation of Core Inflation Data; Mixed Global Markets

By Eleanor Harrison Mar27,2024
US stocks surge before release of inflation data in today’s world markets

Investors were on edge as they waited for the release of key inflation data in the US. In particular, the core personal consumption expenditure (PCE) price index for February was highly anticipated as it could offer insights into future interest rate cuts by the Federal Reserve. By 9:40 a.m. Eastern time, US stocks had surged, with the Dow Jones Industrial Average up by 307 points (0.8%), the S&P 500 up by 0.6%, and the Nasdaq composite up by 0.3%.

Among individual companies, shares of Trump Media & Technology Group saw an impressive 18.6% increase following news that it had won a major court battle against Twitter. Merck also experienced a strong surge, rising by 4.9% after federal approval of its Winrevair treatment for cystic fibrosis patients. Robinhood Markets also saw a significant boost after introducing its first credit card, which helped to lift its share price by 3.5%.

Despite this positive activity in some sectors, global markets remained mixed, with European stock markets showing mostly positive movements while Asian stock markets reported declines. The Japanese yen hit a new low against the US dollar as investors continued to be concerned about Japan’s economic recovery from Covid-19 pandemic-related restrictions and its ongoing trade tensions with China and South Korea. Meanwhile, Brent crude futures for May dropped slightly to $85.66 per barrel amid ongoing concerns about supply chain disruptions caused by Omicron variant outbreaks and other geopolitical factors affecting oil prices globally.

In contrast to these negative factors, gold prices experienced an increase on Wednesday, with spot gold up by 0.3% at $2,185.89 per ounce and US gold futures rising by 0

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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