© Reuters.
By Oliver Gray
Investing.com – inched higher in overnight trading Tuesday after major benchmark indices finished the regular session lower as investors digested the latest inflation data for March.
By 6:40pm ET (10:40pm GMT) added 0.13%, were up 0.07% and gained 0.05%.
Tuesday’s showed consumer prices rise 8.5% in March from the previous year — the highest level since 1981 and fueling concerns of tighter monetary policy from the Federal Reserve while rose 0.3%, slightly below expectations.
The bond yield hit new three-year highs at 2.82% before pulling back to 2.727%.
Investors are now focusing on the start of earnings season Wednesday, which begins with JPMorgan Chase & Co (NYSE:) and Delta Air Lines Inc (NYSE:).
Major indices finished Tuesday’s session in the negative as the fell 87.72 points or 0.26% to 34,220.36, the slipped 0.34% to 4,397.45 and the fell 0.30% to 13,371.57.
Heavyweight financial players finished lower, with JPMorgan Chase & Co (NYSE:) down 1.1%, Citizens Financial Group Inc (NYSE:) losing 2.2%, Bank of America Corp (NYSE:) falling 1.1% and Wells Fargo & Company (NYSE:) down 1.8%.
Technology companies also struggled, with Block Inc (NYSE:) down 0.2%, Amazon.com Inc (NASDAQ:) falling 0.2%, Microsoft Corporation (NASDAQ:) down 1.1% and Alphabet Inc (NASDAQ:) falling 0.9%.
EV makers were mixed as Tesla Inc (NASDAQ:) added 1.1% while Rivian Automotive Inc (NASDAQ:) and Lucid Group Inc (NASDAQ:) declined 3.4% and 1.9% respectively.
Oil related companies also gained as and prices lifted after China partially relaxed Covid-19 lockdowns. Occidental Petroleum Corporation (NYSE:) added 2.1%, Devon Energy Corporation (NYSE:) gained 3.7%, Exxon Mobil Corp (NYSE:) lifted 2.1% and ConocoPhillips (NYSE:) gained 2.1%.
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