Stock Market Update Wednesday April 10, 2024

Stock Market Update Wednesday April 10, 2024 March CPI data was released, exceeding expectations slightly, with Core CPI at +0.36% compared to the Street's forecast of +0.30%. This promptly led to a sell-off in the futures market. Upon the opening of the S&P500, it declined by 1.5%, while the Nasdaq 100 dropped by nearly 2%. Shortly after, dip buyers intervened, causing a brief rebound. However, this rally was fleeting, and the indices ultimately closed the day about 1% lower.

Away From Stocks: Fixed income securities experienced a significant decline, with two-year notes approaching 5% once again, driven by both the CPI data and a subpar auction. The increase in interest rates was positively received by the US dollar, resulting in a notable rebound.