Inflation data and bank bounce factoring into stock-market surge early Tuesday
U.S. stocks opened sharply higher Tuesday after February inflation data matched estimates and suggested pressure on prices continued to cool. The numbers could ease Wall Street worries over steeper upcoming interest rate hikes from the Federal Reserve at a time when the banking sector is regaining its footing following the collapse of two regional banks.
February’s consumer price index came in largely at expectations. The cost of living rose 0.4% month to month and 6% year over year. The 6% print is down from 6.4% a month earlier. Stocks of America’s regional banks, which have been under pressure, showed a bounce in early trading Tuesday. First Republic Bank FRC, +46.32% was leading the charge, up more than 47% in the early trading session. The regional bank ETF KRE, +6.96% is up 8%.
Read also: Banking-industry jitters could mean more pain for stocks as the Fed’s battle with inflation is dragged out “Services inflation is still hot,” said Andrew Patterson, senior international economist at Vanguard. “The Fed still has work to do, and their actions and communications are going to come under increasing scrutiny given the events of the past few days. They need to be careful in balancing the risks of price and financial stability.”
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