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The Numbers: Large tech companies dragged down the S&P 500 on Tuesday, as the tech sector fell 0.94%, while the index finished flat on the day, thanks in part to a 1.66% rise in retail stocks.
Worst Performers: Microsoft and Amazon both lost 2% and were the worst-performing technology stocks in the S&P 500. Apple and Alphabet dropped 0.2% and 0.5%, respectively. Nvidia and AMD were among the five worst-performing companies a day after analysts predicted vulnerabilities in the semiconductor industry. Best Performers: Akamai Technologies, a content delivery network and cloud services provider, rose 3%, bucking the trend.
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US Markets Stock futures were flat overnight ahead of the release of inflation data later this morning. - Economists expect a 0.2% increase in the Consumer Price Index last month, down from the 0.4% rise in February.
- Nine of the 11 major S&P 500 sectors saw gains yesterday.
- The current 10 Year U.S. Treasury yield is set at 3.43270%
| Dow Jones | 33,684.79 | 0.29% | | S&P 500 | 4,108.94 | 0.00% | | Nasdaq | 12,031.88 | -0.43% | | Russell 2000 | 1,786.59 | 0.80% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Air Canada said that Executive Vice-President and Chief Financial Officer Amos Kazzaz will retire at the end of June. - John Di Bert, who is currently the CFO of Clarios International, will succeed him.
- Di Bert has previously held senior leadership roles at Bombardier and Pratt & Whitney.
- RBC analyst, Walter Spracklin, expressed confidence in Di Bert's suitability for the role.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European markets closed higher on Tuesday, with most sectors and major bourses finishing in the green. - Mining stocks led gains with a 3.6% rise, while the auto industry saw a 1.8% increase. Food and beverage stocks dragged down markets with a 0.3% drop.
- The International Monetary Fund released its weakest global growth expectations for the medium term in more than 30 years.
- BMW shares rose after the carmaker reported “significant growth” in global sales of electric vehicles in the first quarter.
| Euro STOXX 50 | 4,333.29 | 0.55% | | UK (FTSE 100) | 7,785.72 | 0.57% | | Germany (DAX) | 15,655.17 | 0.37% | | France (CAC 40) | 7,390.28 | 0.89% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Most Asia-Pacific markets rose on Tuesday following the Bank of Korea's monetary policy announcement. - As expected, the Bank of Korea kept interest rates steady at 3.5% for a second consecutive time
- Korea currently has a 4.2% inflation rate, lower than in many Western countries.
- Stocks in mainland China were mixed after the country announced a 0.7% inflation rate, below expectations.
| S&P Asia 50 | 4,716.61 | -0.80% | | Japan (Nikkei 225) | 28,090.79 | 0.60% | | South Korea (KOSPI) | 2,555.96 | 0.32% | | China (Hang Seng) | 20,353.39 | -0.64% | | India (SENSEX) | 60,100.06 | -0.10% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices rose on Tuesday as investors forecast that the Fed will ease its quantitative tightening policies if consumer price data due out today shows that inflation is slowing. - Brent and U.S. West Texas Intermediate crude both gained 2.1%.
- If the Fed slows or halts its campaign of rate hikes, the U.S. Dollar will likely become more affordable for oil-importing countries that need dollars to pay for crude.
- Concerns over Chinese demand continue after new data showed consumer inflation in March rose at its slowest pace since September 2021, suggesting that consumer demand continues to be weak in the country.
| Oil (NYSEARCA:OIL) | 30.86 | 1.95% | | Gold (NYSEARCA:GLD) | 186.28 | 0.63% | | Silver (NYSEARCA:SLV) | 23.04 | 0.70% | | Corn (NYSEARCA:CORN) | 24.91 | -0.68% | | Lumber (NASDAQ:WOOD) | 72.65 | 1.86% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar rose ahead of inflation data due out later today. - The Fed is expected to hike rates by 25 basis points at its May meeting before pausing in June
- Data showing that the U.S. job market is strong fueled expectations of another rate hike next month.
- The U.S. Dollar Index gained 0.1% on Tuesday.
| UK(GBP) | £0.80 | -0.33% | | Europe (EURO) | €0.92 | -0.49% | | Canada (Canadian Dollar) | $1.35 | -0.32% | | Japan (Yen) | ¥133.89 | 0.31% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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