Global markets update: US stocks close mixed as inflation eases
US stock markets closed mixed on Wednesday on lower-than-expected growth in inflation in April.
The S&P 500 gained 17.93 points, or 0.44%, at 4,137.10 . The Nasdaq Composite climbed 124.68 points, or 1.04%, at 12,304.23. The Dow Jones Industrial Average fell 33.45 points, or 0.10%, at 33,528.36.
During intraday, Nasdaq Composite index surged as much as 1.17% on inflation data and a rise in Alphabet shares.
Google-parent Alphabet gained as it rolled out more artificial intelligence for its core search product.
Tech stocks including Apple and Microsoft also rose.
Regional lenders extended losses on worries about the banking sector.
The labor department data showed consumer price index (CPI) rose 4.9% in April from a year ago, but remained below 5%. On monthly basis, the CPI rose 0.4% last month after gaining 0.1% in March.
Latest inflation data is likely to play a crucial role in the US Federal Reserve’s monetary policy meeting in June.
The 2-year treasury yield fell at 3.908%. The yield on 10-year treasuries declined 8 basis points at 3.44%.
Currencies
The US dollar fell to 134.26 Japanese yen from 135.17. The euro rose to $1.0977 from $1.0969.
Canada
The Toronto Stock Exchange’s S&P/TSX composite index ended down 86.42 points, or 0.4%, at 20,499.31.
Europe
European stocks slid after the release of the US inflation data. The pan-European STOXX 600 index closed 0.4% down. Energy and miners were the top sectoral gainers on the STOXX 600, up 1.3% and 1.2%, respectively.
Britain’s FTSE 100 fell 0.3% at 7,741.33. Germany’s DAX declined 0.4% at 15,896.23. France’s CAC 40 lost 0.5% at 7,361.20.
Asia
In Asia, major stock indices fell on Wednesday.
Hong Kong’s Hang Seng index slipped 0.5% at 19,762.20. In China, Shanghai Composite dropped 1.2% at 3,319.15. South Korean benchmark Kospi fell 13.55 points, or 0.54%, at 2,496.51.
Japan’s Nikkei 225 fell 0.4% at 29,122.18.
Australia’s S&P/ASX 200 index closed 0.1% lower to 7,255.7. New Zealand’s benchmark S&P/NZX 50 index rose 0.8% at 11,987.3.
Energy prices
Brent crude for July delivery dropped $1.03 to $76.41 a barrel on Wednesday. US crude oil benchmark for June delivery fell $1.15 to $72.56 a barrel.
Natural gas for June delivery fell 8 cents to $2.19 per 1,000 cubic feet.
Bullion
Gold for June delivery dipped $5.80 to $2,037.10 an ounce. Silver for July delivery fell 24 cents to $25.66 an ounce.
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