Markets sink on hot inflation numbers

Allan Tong Posted On March 14, 2024

U.S. headline PCE came in at 0.6%, much higher than the expected 0.3%. Markets initially shrugged off the data, but slid for the rest of the day. The S&P closed -0.33%, the Nasdaq -0.39% and the Dow -0.44% to settle below 38,900. Meanwhile, the U.S. 10-year yield inched up to 4.29%.

Tech bore the brunt of the selling: Tesla -4.17%, AMD -3.97% and AI leader Nvidia -3.09%. However, Alphabet was a rare gainer, up 2.44% (C class). Elsewhere, Lennar sank 7.56%. Bitcoin also declined, falling by 4% to $70,000.

The TSX retreated 0.83% with only energy rallying. Leading the sell-off were consumer staples, discretionary, financials and industrials. Enghouse closed -6.89%, First Quantum Minerals -5.38%, BCE -4.42% and Jamieson Wellness -11.69%. However, Suncor climbed 1.88%. WTI crude topped $81 after rallying 1.75%.

🚗 Tesla Inc (TSLA-Q) -4.17%

💾 Advanced Micro Devices (AMD-Q) -3.97%

💾 NVIDIA Corporation (NVDA-Q) -3.09%

🧮 Alphabet Inc (GOOG-Q) +2.44%

🧱 Lennar Corp. (LEN-N) -7.56%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4%

💻 Enghouse Systems (ENGH-T) -6.89%

⛏ First Quantum Minerals (FM-T) -5.38%

📱 BCE Inc. (BCE-T) -4.42%

🧫 Jamieson Wellness (JWEL-T) -11.69%

🛢 Suncor Energy Inc (SU-T) +1.88%