Futures Advance As Core Consumer Prices Rise Less Than Expected

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[Save 20% on your Pro Pass by securing your seat today.]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Tuesday, with stocks likely to regain ground following the steep drop seen in the previous session. The futures advanced following the release of the Labor Department?s highly anticipated report on consumer price inflation in the month of March. While a spike in gasoline prices contributed to a jump in consumer prices, core prices increased by less than economists had expected. The Labor Department said its consumer price index surged by 1.2 percent in March after climbing by 0.8 percent in February. The sharp increase in consumer prices matched economist estimates. Meanwhile, the report showed core consumer prices, which exclude food and energy prices, edged up by 0.3 percent in March after rising by 0.5 percent in February. Economists had expected another 0.5 percent increase. The annual rate of consumer price growth accelerated to 8.5 percent in March from 7.9 percent in February, showing the fastest growth since December 1981. Core consumer prices were up 6.5 percent year-over-year in March, reflecting an uptick from the 6.4 percent jump in February. The annual growth represents the biggest increase since August 1982. ?The surge in energy prices helped drive headline CPI inflation up to a new 40-year high of 8.5% in March but, with base effects set to become much more favorable and signs that monthly gains in core prices are moderating, we expect that to mark the peak,? said Andrew Hunter, Senior US Economist At Capital Economics. Following the mixed performance seen last Friday, stocks moved sharply lower during trading on Monday. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq leading the way lower. The major averages saw continued weakness late in the session, falling to new lows for the day. The Dow slumped 413.04 points or 1.2 percent to 34,308.08, the Nasdaq plunged 299.04 points or 2.2 percent to 13,411.96 and the S&P 500 tumbled 75.75 points or 1.7 percent to 4,412.53. Weakness in the overseas markets carried over onto Wall Street amid concerns about the outlook for monetary policy and the global economy. Worries about the ongoing war between Russia and Ukraine and the coronavirus outbreak in Shanghai also weighed on the markets. The weakness on Wall Street also came amid a continued increase in treasury yields, with the yield on the benchmark ten-year note reaching its highest levels in three years. Reports on consumer and producer price inflation, retail sales and industrial production are likely to attract attention in the coming days. The data may impact expectations regarding how aggressively the Federal Reserve plans to tighten monetary policy. Energy stocks helped to lead the markets lower amid a steep drop by the price of crude oil. Crude for May delivery tumbled $3.97 to $94.29 a barrel on concerns about the outlook for demand. Reflecting the weakness in the energy sector, the NYSE Arca Oil Index plunged by 3 percent and the Philadelphia Oil Service Index plummeted by 2.8 percent. Significant weakness was also visible among biotechnology stocks, as reflected by the 2.5 percent drop by the NYSE Arca Biotechnology Index. Semiconductor, healthcare and retail stocks also saw notable weakness, while airline stocks were among the few groups to buck the downtrend. --------------------------------------------------------------- [To Any American Who Owns a Cell Phone]( If you own a cell phone, then mobile service providers hope you never get to see this video that could soon go viral. [Watch Video ASAP]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( Reflecting a spike in gasoline prices, the Labor Department released a report on Tuesday showing U.S. consumer prices jumped in the month of March. The Labor Department said its consumer price index surged by 1.2 percent in March after climbing by 0.8 percent in February. The sharp increase in consumer prices matched economist estimates. Meanwhile, the report showed core consumer prices, which exclude food and energy prices, edged up by 0.3 percent in March after rising by 0.5 percent in February. Economists had expected another 0.5 percent increase. The annual rate of consumer price growth accelerated to 8.5 percent in March from 7.9 percent in February, showing the fastest growth since December 1981. Core consumer prices were up 6.5 percent year-over-year in March, reflecting an uptick from the 6.4 percent jump in February. The annual growth represents the biggest increase since August 1982. At 1 pm ET, the Treasury Department is scheduled to announce the results of this month?s auction of $34 billion worth of ten-year notes. Richmond Federal Reserve President Thomas Barkin is due to speak before the Money Marketeers of New York University Inc. at 5:30 pm ET. --------------------------------------------------------------- [Is Biden About to Ban Bitcoin?]( The government is so afraid of cryptocurrency that some worry Biden will ban Bitcoin using a "backdoor" approach. Investors who know what to do could grow their money 60-fold in the months ahead. [Get details here.]( --------------------------------------------------------------- Stocks in Focus Shares of CarMax (KMX) are seeing significant weakness in pre-market trading after the used vehicle retailer reported fiscal fourth quarter earnings that missed analyst estimates. Enterprise computing company Hewlett Packard Enterprise (HPE) may also come under pressure after Morgan Stanley downgraded its rating on the company?s stock to Underweight from Equal Weight. On the other hand, shares of Crowdstrike (CRWD) are likely to see initial strength after Goldman Sachs upgraded its rating on the cloud computing company?s stock to Buy from Neutral. --------------------------------------------------------------- [Watch A.I. Forecast Your Stocks in Less than a Minute]( Artificial intelligence makes trading simple. See what stocks are on the rise this week, and what trades you should probably exit?before it?s too late. Save your seat at our LIVE online demonstration and see your stock forecasted today. [Join LIVE online demonstration]( --------------------------------------------------------------- Europe European stocks have moved mostly lower on Tuesday amid concerns over Covid-19 shutdowns in China and the prolonged war in Ukraine. While the French CAC 40 Index little changed, the German DAX Index is down by 0.5 percent and the U.K.?s FTSE 100 Index is down by 0.6 percent. Novartis has come under pressure amid reports the Swiss drugmaker plans to cut thousands of jobs in a global revamp. EssilorLuxottica shares have also fallen in Paris. Luxottica Group S.p.A, an Italian eyewear company managed by EssilorLuxottica, said that it has entered into a preliminary deal to buy 1.72 million shares or 90.9 percent of the optical firm Giorgio Fedon & Figli S.p.A. for 17.03 euros per share or 29.4 million euros. Germany's Commerzbank and Deutsche Bank have also moved notably lower after an undisclosed investor sold stakes of more than 5 percent in the country's top two lenders. On the other hand, Italian defense group Leonardo has jumped after Deutsche Bank upgraded the stock to "buy". Online fashion retailer ASOS has also surged after maintaining its full-year guidance. easyJet shares have also risen in London. The budget airline said it expects capacity to rise to near pre-pandemic levels this summer. Electrocomponents has also moved to the upside after its like-for-like revenue for fiscal 2022 grew 23 percent over the fourth quarter. In economic news, German consumer price index rose 7.3 percent year-on-year in March after a 5.1 percent increase in February, final data from Destatis showed. This was the fastest rate since German reunification and also matched the preliminary estimate published on March 30. The findings of the German ZEW survey revealed that German investor sentiment fell by less than expected in April. The ZEW economic research institute said its economic sentiment index fell to -41.0 from -39.3 in March. Analysts had expected a reading of -48.0 for April. U.K. like-for-like sales dropped 0.4 percent in March from the previous year as consumer confidence continued to weaken, the British Retail Consortium said. Total sales grew 3.1 percent, underpinned by non-food sales. U.K. unemployment declined in the three months to February, while job vacancies rose to a new record high, the Office for National Statistics said separately. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks turned in a mixed performance on Tuesday, as rising bond yields weighed on growth stocks ahead of crucial U.S. inflation data and the ECB policy meeting. Amid elevated risks to global growth, investors continued to monitor developments on the war in Ukraine and the Covid-19 situation in mainland China. Chinese shares reversed early losses to end sharply higher after the country's securities watchdog urged listed companies and their major shareholders to repurchase shares and support the sluggish stock markets. The benchmark Shanghai Composite Index jumped 1.5 percent to 3,213.33 as some residents of Shanghai stepped out of their homes for the first time in more than two weeks. Hong Kong's Hang Seng Index rose 0.5 percent to 21,319.13. Japanese shares led regional losses to end at nearly four-week lows after a sharp overnight drop on Wall Street. The Nikkei 225 Index slumped 1.8 percent to finish at 26,334.98, with tech stocks underperforming on worries over stretched valuations. Screen Holdings, Tokyo Electron and Advantest gave up 2-4 percent. Uniqlo clothing shop owner Fast Retailing tumbled 3.2 percent and robot maker Fanuc plunged 5.5 percent. Takashimaya jumped 4.1 percent after the department store operator forecast a better than expected annual profit. Australian markets ended off their day's lows after a survey from National Australia Bank showed its index of business conditions doubled to +18 in March. The benchmark S&P/ASX 200 Index ended 0.4 percent lower at 7,454, dragged down by technology and biotech stocks. Gold miners bucked the weak trend as inflation risks mounted. Seoul stocks ended lower for a second straight day on concerns over China's economic slowdown and tightening monetary policy by the Federal Reserve to counter inflation. The Kospi slid 1.0 percent to settle at 2,666.76. Game developer Krafton lost 5.2 percent and battery maker LG Energy Solution fell 3.3 percent, while Kakao Pay, the fintech arm of internet giant Kakao, rallied 3.1 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are surging $3.75 to $98.04 a barrel after plunging $3.97 to $94.29 a barrel on Monday. Meanwhile, after inching up $2.60 to $1,948.20 an ounce in the previous session, gold futures are climbing $17.90 to $1,866.10 an ounce. On the currency front, the U.S. dollar is trading at 125.22 yen compared to the 125.37 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0893 compared to yesterday?s $1.0884. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49