US Stock Markets Live Updates: Nasdaq, S&P 500 gain while Dow slips; US inflation meets expectations

HomeMarket NewsUS Stock Markets Live Updates: Nasdaq, S&P 500 gain while Dow slips; US inflation meets expectations

US Stock Markets Live Updates: US stocks opened on a mixed note on Wednesday as investors tracked the fallout of the ongoing Iran war on global shipping routes while digesting the latest inflation data that largely met expectations.

The tech-heavy Nasdaq Composite slipped 0.2% in early trade, while the S&P 500 fell 0.4%. The Dow Jones Industrial Average dropped 0.9%, or more than 400 points, extending the volatility seen in the previous session.

Markets have been on edge this week as geopolitical tensions in West Asia spill into global trade routes.

Reports that three vessels came under fire in the Strait of Hormuz on Wednesday pushed oil prices higher and intensified concerns about supply disruptions. Crude prices reacted quickly.

Futures for West Texas Intermediate crude and Brent crude rose in early trade, climbing above $85 and $90 a barrel, respectively. The spike comes after oil briefly surged close to $120 per barrel earlier this week amid fears that the conflict could choke supply.

In an attempt to cool the rally, the Energy Agency said it would release 400 million barrels of oil from emergency reserves, the largest such intervention in the agency’s history.

Beyond geopolitics, Wall Street is also watching inflation data closely. The latest Consumer Price Index showed that consumer prices rose 0.3% month-on-month in February and 2.4% year-on-year, both in line with market expectations. Core CPI, which excludes food and energy, rose 2.5% annually, also matching estimates.

The reading offers an early look at inflation trends in the US economy at a time when some indicators suggest the labour market may be losing momentum.

Watch this space for all the LIVE US stock market updates.