US Inflation Data Plays On Asia and Europe Markets, Gold Trades Above $2,350 - Global Markets Today While US Slept
Portfolio Pulse from Akanksha Bakshi
US stock markets fell after unexpectedly high inflation data, with the S&P 500, Dow Jones, and Nasdaq all closing lower. Inflation in the US rose to 3.5% in March, impacting global markets with mixed results in Asia and Europe. Commodities saw gold trading above $2,350, while crude oil prices dropped.
April 11, 2024 | 10:47 am
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POSITIVE IMPACT
Gold ETF, GLD, likely saw an uptick as gold prices surged above $2,350 in response to the inflation data.
GLD, which tracks the price of gold, likely benefited from the increase in gold prices as investors sought safe havens amid inflation concerns.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
The Dow Jones ETF, DIA, likely experienced a decline as the Dow Jones Industrial Average dropped by 1.09% following the inflation report.
DIA mirrors the Dow Jones Industrial Average, which saw a significant decline due to the unexpected rise in inflation, dampening hopes for rate cuts.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
The Nasdaq ETF, QQQ, likely saw a decrease in value as the Nasdaq Composite fell by 0.84% in response to the inflation data.
QQQ tracks the Nasdaq Composite Index, which declined after the inflation report exceeded forecasts, indicating a prolonged inflation battle.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
The S&P 500 ETF, SPY, likely faced downward pressure as the index it tracks closed lower due to high inflation data.
SPY directly tracks the performance of the S&P 500, which fell due to concerns over persistent inflation reducing the likelihood of early Fed rate cuts.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
The United States Oil ETF, USO, likely faced downward pressure as crude oil prices dropped following the inflation report.
USO tracks the daily price movements of West Texas Intermediate crude oil. The drop in crude oil prices due to inflation concerns likely impacted USO negatively.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85