financetom
Economy
financetom
/
Economy
/
Dow Gains 100 Points; US Inflation Rate Rises To 3.2% In February
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Dow Gains 100 Points; US Inflation Rate Rises To 3.2% In February
Mar 12, 2024 7:28 AM

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 100 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.27% to 38,873.55 while the NASDAQ rose 0.69% to 16,129.18. The S&P 500 also rose, gaining, 0.52% to 5,144.57.

Check This Out: Insiders Buying Keurig Dr Pepper And 3 Other Stocks

 

Leading and Lagging Sectors

 

Information technology shares jumped by 0.7% on Tuesday.

In trading on Tuesday, utilities shares fell by 0.3%.

 

Top Headline

 

The U.S. consumer price index exceeded expectations in February.

In February 2024, the inflation rate climbed to 3.2% compared to the previous year, surpassing both the previous and expected rate of 3.1%. On a monthly basis, the core CPI increased by 0.4%, in line with January's figure and exceeding the predicted 0.3% rise.

 

Equities Trading UP

 

ClearOne, Inc. ( CLRO ) shares shot up 130% to $2.089 after the company announced a special-one time cash dividend.

Shares of Regulus Therapeutics Inc. ( RGLS ) got a boost, surging 81% to $2.50 after the company announced topline results from the second cohort of patients in its Phase 1b MAD study of RGLS8429 for the treatment of ADPKD. The company announced an oversubscribed $100 million private placement of equity.

Ranpak Holdings Corp. ( PACK ) shares were also up, gaining 46% to $6.38 after the company reported better-than-expected fourth-quarter revenue results and issued FY24 guidance. Also, Baird maintained an Outperform rating on the stock and raised its price target from $5 to $7.

 

Equities Trading DOWN

 

BYND Cannasoft Enterprises Inc. ( BCAN ) shares dropped 72% to $0.0285 after the company announced pricing of $7.0 million underwritten public offering.

Shares of Blade Air Mobility, Inc. ( BLDE ). were down 29% to $2.8150 after the company reported worse-than-expected fourth-quarter revenue results and issued FY24 revenue guidance below estimates.

NRx Pharmaceuticals, Inc. ( NRXP ) was down, falling 23% to $0.5150. NRx Pharmaceuticals ( NRXP ) initiated a strategy to combat short sellers in the company's stock.

Also Check This Out: Top 5 Energy Stocks You May Want To Dump In March

 

Commodities

 

In commodity news, oil traded up 0.1% to $77.99 while gold traded down 1.1% at $2,165.70.

Silver traded down 1.4% to $24.375 on Tuesday while copper fell 0.4% to $3.9135.

 

Euro zone

 

European shares were higher today. The eurozone's STOXX 600 rose 0.4%, London's FTSE 100 rose 1% while Spain's IBEX 35 Index rose 0.3% The German DAX rose 0.3% French CAC 40 rose 0.1% while Italy's FTSE MIB Index gained 0.5%.

German consumer price inflation came in at 2.5% year-over-year in February. The UK's unemployment rate rose to 3.9%, while regular pay, excluding bonus payment, increased 6.1% year-over-year to GBP 627/week in the three months to January.

 

Asia Pacific Markets

 

Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 falling 0.06%, Hong Kong's Hang Seng Index gaining 3.05%, China's Shanghai Composite Index falling 0.41% and India's S&P BSE Sensex gaining 0.23%.

Total passenger vehicle sales in India climbed 9.5% year-over-year to 319,519 in February. Producer prices in Japan increased by 0.6% year-over-year in February, while business survey index of large manufacturing firms dipped to -6.7% in the first quarter compared to 5.7% in the prior quarter.

 

Economics

 

The NFIB Small Business Optimism Index fell to 89.4 in February from 89.9 in January.

In February 2024, the inflation rate climbed to 3.2% compared to the previous year, surpassing both the previous and expected rate of 3.1%. On a monthly basis, the core CPI increased by 0.4%, in line with January's figure and exceeding the predicted 0.3% rise.

Now Read This: Oracle To Rally Around 40%? Here Are 10 Top Analyst Forecasts For Tuesday

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Recession Could Originate At The Port Of Los Angeles, Warns Economist, Calling Tariff Decision A 'Misapplied Consumption Tax' On Households
Recession Could Originate At The Port Of Los Angeles, Warns Economist, Calling Tariff Decision A 'Misapplied Consumption Tax' On Households
May 26, 2025
In a recent note, RSM chief economist Joseph Brusuelas has warned of a potential tariff-induced recession, which could begin on the coast, leading to increased inflation and unemployment. What Happened: Brusuelas expressed concern that inconsistent tariff policies could set off a recession, originating from the Los Angeles docks. About 22% of U.S. jobs are tied to transportation, warehousing, and trade, making import container volumes...
Fed stands pat, but sees higher inflation and growth risks
Fed stands pat, but sees higher inflation and growth risks
May 26, 2025
(Reuters) -The Federal Reserve held interest rates steady on Wednesday but said the risks of both higher inflation and unemployment had risen, further clouding the economic outlook as the U.S. central bank grapples with the impact of Trump administration tariff policies. The economy overall has continued to expand at a solid pace, the Federal Open Market Committee said in a...
U.S. senators announce bipartisan push to change how Fed watchdog selected
U.S. senators announce bipartisan push to change how Fed watchdog selected
May 26, 2025
(Reuters) - Two senators announced legislation on Tuesday that would change how the Federal Reserve's in-house watchdog is selected. In a press release Senator Rick Scott, a Republican, and Senator Elizabeth Warren, a Democrat, said their bill would require the Federal Reserve's inspector general, or IG, to be named by the president and confirmed by the Senate, breaking from the...
Fed Keeps Rates Steady, Warns Of Rising 'Uncertainty About The Economic Outlook'
Fed Keeps Rates Steady, Warns Of Rising 'Uncertainty About The Economic Outlook'
May 26, 2025
The Federal Reserve kept its fed funds rate steady at 4.25%-4.50% on Wednesday, a widely expected move that marks the third consecutive pause in interest-rate policy. Uncertainty about the economic outlook has increased further, the Fed noted in its post-meeting statement. The May meeting was the first since President Donald Trump's early April announcement of new trade tariffs. The Federal...
Copyright 2023-2025 - www.financetom.com All Rights Reserved