Stocks closed with a strong finish on Tuesday, disregarding the higher than expected February consumer price index data. Nvidia and Oracle played a key role in boosting the stock market indexes. The Nasdaq closed 1.5% higher, the Dow Jones Industrial Average was up by 0.6% while the S&P 500 gained 1.1%. The Russell 2000 remained flat after recovering from losses. The volume increased on both the New York Stock Exchange and the Nasdaq compared to the previous day. The Invesco QQQ Trust ETF added 1.4% and the Innovator IBD 50 ETF jumped by 3.1%.
The consumer price index for February rose as anticipated, with the core CPI also increasing more than expected. These numbers support the idea of the Federal Reserve holding off on interest-rate cuts. The 10-year Treasury yield rose, but this did not deter stocks from rising. West Texas intermediate crude oil price increased to $77.81 a barrel.
Stocks like Nvidia, Coupang, and Arm Holdings saw positive movement while stocks like American Airlines and Southwest Airlines faced losses. Dutch Bros and GigaCloud Technology rebounded on Tuesday. Oracle saw an 11.8% gain after exceeding earnings forecasts. On Holding faced a loss after reporting lower than expected sales. Archer-Daniels-Midland had a positive day despite missing earnings estimates. Boeing experienced a decline after announcing a cut in full-year outlook.
In the cryptocurrency market, Bitcoin’s price remains high and stocks like MicroStrategy and CoinBase rebounded. Gold shares pulled back after nine consecutive days of gains.
