{"id":77588,"date":"2024-03-12T15:29:05","date_gmt":"2024-03-12T20:29:05","guid":{"rendered":"https:\/\/equitynewsreport.com\/stock-market-today-sp-500-shrugs-off-hot-inflation-data-to-clinch-record-close\/"},"modified":"2024-03-12T15:29:05","modified_gmt":"2024-03-12T20:29:05","slug":"stock-market-today-sp-500-shrugs-off-hot-inflation-data-to-clinch-record-close","status":"publish","type":"post","link":"https:\/\/equitynewsreport.com\/h\/stock-market-today-sp-500-shrugs-off-hot-inflation-data-to-clinch-record-close\/","title":{"rendered":"Stock Market Today: S&P 500 shrugs off hot inflation data to clinch record close"},"content":{"rendered":"
\n
\n\"Stock
\n\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The S&P 500 closed at a record high Tuesday as U.S. stocks took a hotter-than-expected inflation report in stride, underpinned by fresh bullish bets in tech.<\/p>\n

At 16:00 ET (20:20 GMT), the\u00a0benchmark climbed 1.1% to record of 5,173.97, the tech-heavy gained 1.5%, and the blue-chip jumped 235 points, or 0.6%.\u00a0\u00a0<\/p>\n

Inflation comes in hot, again\u00a0<\/h2>\n

The \u00a0gauge came in at 0.4%, which strips out volatile items like food and fuel, matching the prior month and marginally hotter than expectations of 0.3%, taking the year-on-year pace to 3.8% from 3.9%, but that was still slightly above projections of 3.7%.<\/p>\n

The hotter-than-expected pace of inflation will be \u201cone factor delaying the decision to start cutting rates to June this year,\u201d Morgan Stanley said in a note.<\/p>\n

Treasury yields moved higher on the prospect of higher for longer interest rate path, but that did little to stem bullish bets on tech, led by Oracle and a rebound in Nvidia.<\/p>\n

Oracle Corporation (NYSE:) surged nearly 12% after reporting stronger-than-expected quarterly earnings on increased demand for its AI offerings.\u00a0<\/p>\n

The cloud computing firm said it will make a joint announcement with AI darling Nvidia (NASDAQ:NVDA) this week, citing expectations of increased AI-led demand for cloud infrastructure.<\/p>\n

NVIDIA Corporation (NASDAQ:) jumped more than 7%, lifting the broader chip sector more than 3% higher, while megacap tech including Alphabet Inc Class A (NASDAQ:), Microsoft Corporation (NASDAQ:) and Meta Platforms Inc (NASDAQ:) were also in the ascendency.<\/p>\n

Boeing, Southwest weigh on industrials<\/h2>\n

Industrials, however, lagged the broader market move higher, weighed down by slump in airline stocks and a more than 4% slump in Boeing Co <\/span><\/span> (NYSE:) after the aircraft maker reportedly failed 33 out of 89 audits during Federal Air Aviation examination.<\/p>\n

The investigation was launched after an air panel blew off an Alaska Airlines Boeing 737 Max plane mid-flight.<\/p>\n

Southwest Airlines Company (NYSE:), down nearly 15%, led the move in airline stocks lower after cutting its first-quarter guidance on capacity, and warning that it was reevaluating full-year outlook amid delays of aircraft delivery from Boeing.<\/p>\n

American Airlines Group <\/span><\/span> (NASDAQ:) fell more than 4% after warning of a bigger loss this year owing to higher fuel costs.<\/p>\n

3M Company (NYSE:), up nearly 5%, however helped stem losses in industrials the maker of Post-it notes and Scotch tape said it has appointed William Brown as chief executive officer.\u00a0\u00a0<\/p>\n

Microstrategy shines despite bitcoin breather<\/h2>\n

On the crypto front, meanwhile, bitcoin eased from eased record high notched a day earlier falling 3% as investors appeared to take some profit on the crypto\u2019s record run.<\/p>\n

Crypto-related stock MicroStrategy Incorporated (NASDAQ:), however, climbed more than 7% after Canaccord Genuity hiked its price target on the stock to $1,810 from $975, saying the company wasn\u2019t \u201cresting on its laurels\u201d as the software maker continues to bolster its bitcoin holdings.<\/p>\n

(Scott Kanowsky, Ambar Warrick contributed to this report.)<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — The S&P 500 closed at a record high Tuesday as U.S. stocks took a hotter-than-expected inflation report in stride, underpinned by fresh bullish bets in tech. At 16:00 ET (20:20 GMT), the\u00a0benchmark climbed 1.1% to record of 5,173.97, the tech-heavy gained 1.5%, and the blue-chip jumped 235 points, or 0.6%.\u00a0\u00a0 Inflation comes in hot, again\u00a0 The \u00a0gauge came in at 0.4%, which strips out volatile items like food and fuel, matching the prior month and marginally hotter than expectations of 0.3%, taking the year-on-year pace to 3.8% from 3.9%, but that was still slightly above projections […]<\/p>\n","protected":false},"author":5,"featured_media":77589,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,49,50,3],"tags":[],"_links":{"self":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77588"}],"collection":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/comments?post=77588"}],"version-history":[{"count":0,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media\/77589"}],"wp:attachment":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media?parent=77588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/categories?post=77588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/tags?post=77588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}