Markets are bracing for inflation data, and the S&P 500 ends slightly higher

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NEW YORK, April 9 (Reuters) – The S&P 500 posted nominal gains on Tuesday, a day ahead of major inflation data, weighed down by financial stocks as investors braced for major U.S. banks to kick off earnings reporting season on Friday.
JPMorgan Chase & Co (JPM.N)New Tab, opens new tab, Wells Fargo & Co (WFC.N)New Tab, opens new tab and Citigroup Inc (C.N)New Tab, opens new tab, due to report results on Friday, were the three heaviest drags on the S&P Banking index (.SPXBK)New Tab, opens new tab.
The Dow Jones Industrial Average (.DJI)New Tab, opens new tab fell 9.70 points, or 0.02%, to 38,885.10.
Analysts are expecting aggregate S&P 500 first-quarter earnings growth of 5.0% year-on-year, down from 7.2% at the start of the quarter, according to LSEG.
Exchange operator Coinbase Global (COIN.O)New Tab, opens new tab and software company MicroStrategy (MSTR.O)New Tab, opens new tab underperformed on the day.
Moderna (MRNA.O)New Tab, opens new tab was a bright spot, jumping after the drugmaker’s individualized cancer vaccine developed with Merck (MRK.N)New Tab, opens new tab showed promise in an early-stage trial.
Alphabet Inc’s (GOOGL.O)New Tab, opens new tab shares edged higher, pushing the company closer to the $2 trillion market cap threshold.
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NEW YORK, April 9 (Reuters) – Tuesday saw the SandP 500 record small gains, a day ahead of significant inflation data, with financial stocks leading the way as investors anticipated significant U.S. s. Banks will report earnings for the first time this Friday.

After strong economic data, including last Friday’s employment report that set records, most investors are focusing on Wednesday’s highly anticipated Consumer Price Index (CPI) as they adjust expectations regarding the timing and scope of the Federal Reserve’s rate-cutting phase.

“There is a growing perception that tomorrow’s CPI report could show an uncomfortably high inflation reading, which has the markets nervous,” stated Michael Green, chief strategist at Simplify Asset Management in Philadelphia. “Markets are starting to protect themselves. “.”.

Morgan Chase & Co., Inc. (JPM. N) Welcome to Wells Fargo & Co. (WFC), open a new tab. N)New Tab, opens New Tab, and Citigroup Inc. (C). N)Opens a new tab: The three companies that were the biggest drags on the S&P Banking index on Friday’s report results. The new tab will open (SPXBK).

Senior investment director at U.S. Bank Bill Northey stated, “The financials set the tone and often kick off first-quarter reporting season.”. S. Billings, Montana-based Bank Wealth Management. “To gauge the state of corporate America, we are focusing on the cyclical areas.”. “.

While analysts anticipate that inflation will keep drifting lower and closer to the U. S. The National Federation of Independent Business revealed on Tuesday that, despite the central bank’s 2 percent target, small business optimism fell to an 11-year low in March, with inflation being the main cause for concern.

According to Green, “it’s actually really important that the small business sentiment index keeps getting worse.”. It’s the same pattern that has been observed over the previous few cycles: small businesses are facing extreme pressure, while larger corporations are well-protected. “.

Preliminary data indicates that the S&P 500 (. SPX)New Tab, opens a new tab that increased by 7 points, or 0.15%, to finish at 5,210 points, whereas the Nasdaq Composite (. IXIC)New Tab, opens a new tab and increases its score by 52 points68, or 0 points32%, to 16,306 points64. The average of Dow Jones (… DJI)New Tab, opens new tab dropped to 38,885.10, a decrease of 9.70 points, or 0.02 percent.

LSEG reports that analysts anticipate the aggregate S&P 500 first-quarter earnings growth to be 5 points 0 percent year over year, which is a decrease from 7 points 2 percent at the beginning of the quarter.

In tandem with the decline in bitcoin prices, stocks related to cryptocurrencies and blockchain technology went down. cryptocurrency exchange Coinbase Global (COIN. O)Opens a new tab and MicroStrategy (MSTR), a software company. O)Opens a new tab that performed poorly that day.

Contemporary (MRNA). O)New Tab, opens new tab was a positive development that came right after the pharmaceutical company’s customized cancer vaccine collaboration with Merck (MRK). In an early-stage trial, N)New Tab, opens new tab, showed promise.

The Google Inc. (GOOGL. O)Opens New Tab: Shares of the company increased, bringing it closer to the $2 trillion market cap.

Richard Chang handled editing; additional reporting was done in Bengaluru by Shashwat Chauhan and Shristi Achar A. Stephen Culp handled reporting.

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