US stocks close lower after higher than expected CPI

The major US stock indices closed lower today after stronger than expected CPI data sent the yields sharply higher.

The biggest declines were in the small-cap Russell 2000 which fell by -2.52%.

A snapshot of the closing levels shows:

• Dow industrial average fell -422.18 points or -1.09% at 38461.50
• S&P index fell -49.27 points or -0.95% at 5160.65
• NASDAQ index fell -136.28 points or -0.84% at 16170.36
• Russell 2000 fell -52.41 points or -2.52% at 2028.38.

Despite the declines Nvidia shares rose $16.85 or 1.97% to $870.39. Amazon (up 0.15%), and Meta (up 0.57%) were also higher in the day.

On Friday, the earnings cycle for the current quarter has its unofficial open with J.P. Morgan, Wells Fargo, BlackRock, Citcorp, Progressive and State Street Bank all reporting before the markets open.

The US focus tomorrow will be on the US PPI data. Also NY Fed Pres. Williams, Atlanta Fed Pres. Bostic and Richmond Fed Pres Barkin are all scheduled to speak. The ECB will also announce their latest interest-rate decision with the focus on the expectations going forward. More specifically will the ECB start signaling a June rate cut.

This article was written by Greg Michalowski at www.forexlive.com.