Stocks Fall As Hot Inflation Data Derails Fed Cut Bets, Bonds Tumble, VIX Rallies, Oil Tops $80: What's Driving Markets Thursday? (CORRECTED)
Portfolio Pulse from Piero Cingari
Stocks fell as February's Producer Price Index inflation data exceeded expectations, dashing hopes for a Fed rate cut. U.S. Treasury yields rose, and the iShares 20+ Year Treasury Bond ETF (TLT) saw a decline. The S&P 500, Nasdaq 100, and Dow experienced modest losses, while the VIX surged. The iShares Russell 2000 ETF (IWM) underperformed, and oil prices rose due to anticipated supply deficits. Notable stock movements included Tesla and Nvidia falling, while Robinhood and Halliburton rose. Fisker slumped on bankruptcy reports.
March 14, 2024 | 6:20 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Fisker Inc. slumped about 50% on reports of its bankruptcy filing.
Bankruptcy filings typically lead to significant losses in stock value, as seen with Fisker.
CONFIDENCE 95
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
iShares Russell 2000 ETF declined by 1.7%, underperforming large caps.
Small caps, as tracked by IWM, are often more sensitive to market shifts, leading to its underperformance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Nvidia Corp. fell 3.8%, reflecting weaker momentum in AI-related stocks.
Nvidia's performance is closely tied to the tech and AI sectors, which are experiencing a slowdown.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
iShares 20+ Year Treasury Bond ETF declined by 1.4%, marking its sixth consecutive day of losses.
The rise in Treasury yields directly impacts bond prices, leading to the decline in TLT's value.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Tesla Inc. fell nearly 4% after UBS lowered the EV maker's price target from $225 to $165.
Analyst ratings and price target adjustments can significantly impact investor sentiment and stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 95