From Nasdaq:

The S&P 500, Dow Jones, and Nasdaq are up today as stocks are trading higher on positive news from the U.S. CPI report. The core CPI dipped to a 2-3/4 year low, easing fears. Some tech stocks are also getting support from positive Oracle news. Stocks are ignoring the rise in the 10-year T-note yield.

The Feb U.S. CPI report met expectations with a +0.4% m/m increase, but the +3.2% y/y was slightly stronger than expected. The core CPI at +3.8% y/y was down from Jan but stronger than expected, still above target. This confirms that the FOMC won’t cut rates next week due to inflation.

The markets see a chance of a rate cut in June as the core CPI hit a new low. The NFIB Small Business Optimism Index fell to a 9-month low of 89.4, weaker than expected. Overseas, the Euro Stoxx 50 is up, while China’s Shanghai Composite and Japan’s Nikkei closed down. Interest rates are up, with T-notes prices falling on the strong U.S. CPI report.

Megacap tech stocks are gaining today, led by Oracle’s positive earnings report. On the downside, Boeing is down after a probe into a flight incident, and Southwest Airlines is cutting flights due to Boeing 737 Max issues. Bitcoin hit a record high but is down today. Earnings reports today include Kohl’s Corp and ADM.



Read more at Nasdaq: Stocks Rally as Core CPI Slips to 2-3/4 Year Low