From Yahoo Finance.: 2024-04-09 12:15:00

Teens are tightening up their spending, according to Piper Sandler’s latest ‘Taking Stock’ research out this morning. Surprisingly, loungewear was a key spending priority for teens. Meanwhile, US stocks climbed higher on Tuesday as investors await key CPI data, due Wednesday morning. The benchmark S&P 500 (^GSPC) climbed about 0.4%, while the tech-heavy Nasdaq Composite (IXIC) jumped roughly 0.5%. The Dow Jones Industrial Average (^DJI) added about 0.1%, or roughly 50 points. The moves come as investors bide their time until a key inflation report lands and potentially sheds light on the path of interest rates. Stocks have become marooned ahead of the release of the Consumer Price Index on Wednesday, seen as a pivotal point for a market facing a slower next leg higher after a strong first quarter. Meanwhile, fading rate-cut hopes have helped push up the 10-year Treasury (^TNX) yield near five-month highs. Gold prices have soared above $2,360 an ounce amid rising inflation concerns. Copper prices also rose early Tuesday, adding to a 10% year to date gain. Nvidia shares fell as Intel unveiled a new artificial intelligence chip at its Vision event. Moderna’s shares rose after positive results in its early-stage cancer vaccine trial with Merck. Alphabet’s stock jumped to near 52-week highs following the announcement of a new video creation app. Commodity prices have surged, with oil prices hovering around $86 a barrel. Gold prices have risen to record highs, sparking debates on whether they could reach $3,000 per ounce by 2025. Researchers warn of potential inflation risks and consequences if interest rates remain unchanged. Market speculation suggests that the US economy may not need rate cuts this year, leading to concerns about potential inflation impacts. The Fed has projected three rate cuts this year but may need to reassess their stance in light of current economic conditions. Market dynamics are shifting as investors anticipate only two and a half 25 basis point cuts this year, down from initial expectations of six cuts at the start of the year. The economy is showing signs of strength, with consumers displaying strong propensity to travel and spend on services, potentially offsetting recession concerns. Retail spending habits of teens are evolving, with loungewear emerging as a key spending priority in Piper Sandler’s latest survey results. Investors are closely monitoring inflation data, with key reports expected to provide insights into the Federal Reserve’s next steps regarding interest rates. Stocks are fluctuating as market participants adjust their expectations in anticipation of the upcoming economic data releases.



Read more at Yahoo Finance.: US stocks turn lower ahead of CPI inflation data