The major indexes experienced slight gains on Tuesday in response to a report indicating higher-than-expected inflation. Oracle (ORCL) saw significant growth in the stock market after announcing strong earnings results.
The Dow Jones Industrial Average increased by 0.3% while the S&P 500 and Nasdaq composite also saw gains. The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) and the SPDR S&P 500 ETF (SPY) showed positive movement. Additionally, the 10-year Treasury yield went up to 4.14%, with oil prices declining slightly.
The consumer price index rose by 0.4% in February, meeting expectations, and showing a 3.2% year-over-year increase. Core CPI, which excludes food and energy, climbed by 0.4%, surpassing estimates, with a year-over-year rise of 3.8%.
Oracle saw a 10% increase in morning trade following their better-than-expected quarterly earnings report. Other companies such as Kohl’s (KSS) and On Holding (ONON) reported mixed results. Southwest Airlines (LUV) experienced a more than 12% decline after revising its financial outlook due to aircraft delivery delays.
Disney, IBM, and Procter & Gamble were among the best stocks to buy and watch on the stock market. Duolingo, Fifth Third Bancorp, Fortinet, and Block were also highlighted as top growth stocks to watch. Nvidia and Tesla among the Magnificent Seven stocks with mixed performance in the market. Apple and Microsoft from the Dow Jones also saw varied results.
For more updates on growth stocks and the stock market, be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen.
