Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street Opens Higher as Tech Rebound Continues After CPI; Nasdaq up 1.2%

Stock MarketsMar 10, 2021 09:54AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened higher on Wednesday with the rebound in technology stocks continuing against the backdrop of fresh U.S. inflation figures that were free of negative surprises.

By 9:40 AM ET (1440 GMT), the Dow Jones Industrial Average was up 307 points, or 1.0%. at 32,140 points, but the Nasdaq Composite, home to the greatest concentration of tech stocks, was outperforming for a second straight day with a rise of 1.2%.  The S&P 500 was up 0.8%.

Earlier, February data for consumer inflation had showed prices rising largely in line with expectations, with the headline annual rate rising to 1.7% as expected, and the core CPI slightly weaker than forecast: core prices rose 0.1% on the month, leaving the annual rate to fall to 1.3% from 1.4% in January.  Despite some caveats about the reliability of the CPI data in a year of extraordinary shifts in consumer spending patterns, the figures suggest that inflationary pressures are not rising at any particularly alarming rate in the U.S. economy. 

U.S. 10-Year bond yields were steady after the auction, showing no signs of unease ahead of a massive $38 billion auction of 10-year Treasury notes later in the day. The auction is one of three this week that will raise money for the massive spending plans contained in the $1.9 trillion stimulus package, which is expected to receive its final vote of approval from the House of Representatives later in the day, before being signed into law next week by President Joe Biden.

The market was eagerly anticipating the first trades in Roblox (NYSE:RBLX) stock, which made its market debut on Wednesday through a direct listing, having set a reference price of $45 a share on Tuesday. That values the pre-teen focused gaming platform company at $30 billion, some 25% more than Snap (NYSE:SNAP) at the time of its initial public offering. 

The short-squeeze on various stocks that have been the focus of retail investors congregating on social media chatboards returned to frenzied levels again, with GameStop (NYSE:GME) stock rising another 18% and movie theater operator AMC Entertainment (NYSE:AMC) rising 13.5%.

Tesla (NASDAQ:TSLA) stock, which had traded below $540 last week, broke back above $700 with a 4% gain, before easing off a little. 

General Electric (NYSE:GE) stock and AerCap (NYSE:AER) stock both suffered a 'buy-the-rumor-sell-the-fact' relapse after the two companies confirmed a deal that will see GE transfer its GECAS aircraft leasing operation to AerCap for $24 billion in cash and a 46% stake in AerCap.

Wall Street Opens Higher as Tech Rebound Continues After CPI; Nasdaq up 1.2%
 

Related Articles

ICUI Medical: Recovering Well, Post-Pandemic
ICUI Medical: Recovering Well, Post-Pandemic By TipRanks - Sep 26, 2021

ICU Medical (NASDAQ:ICUI) is one of the notable post-pandemic recovery plays that investors have been curious about of late. It is a major medical devices manufacturer that can...

Two Tales of Inflation
Two Tales of Inflation By TipRanks - Sep 26, 2021

Inflation, the old villain of the American economy, is back, raising a great deal of anxiety on Main Street and Wall Street. In the last twelve months, interest in U.S. inflation...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Ridha B younes
Ridha B younes Mar 10, 2021 11:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
tepid inflation, soft inflation , Austin Powellovic description to what it is not inflation .
Matt Kay
Matt Kay Mar 10, 2021 10:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Did you like how /NQ sold off more than 1% in 15 minutes? I know I did. Hope bonds take the entire market with them
taylor jason
taylor jason Mar 10, 2021 10:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bond market is roughly where is was right around the time covid began and rates were 1%. the recent rise in rates looks to be attributable to the newest stimulus which is most likely the last stimulus package. however now that's over with I doubt we will see much action in the bond market which is evidenced in interest swaps
Mitchel Pioneer
Mitchel Pioneer Mar 10, 2021 10:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Another day of pure fraud in the US Ponzi Scheme.
taylor jason
taylor jason Mar 10, 2021 10:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
exactly what someone who would that had limited knowledge of economics
Ridha B younes
Ridha B younes Mar 10, 2021 10:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
information figure not inflation any more. sugar free inflation figure. I did not know inflation figure comes by surprise.,Surprise surprise right in your eyes ..ha ha ha .
Stan Smith
Stan Smith Mar 10, 2021 10:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It would appear the algos missed the fact that BLS made it all up...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email