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Wall Street opens mixed after US inflation report

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Wall Street has opened on a mixed footing on Friday after delayed and higher than expected US inflation report knocked investors a little of balance.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.32% at 33,609 while the S&P 500 rose 0.05% to 4,099. The Nasdaq was the outlier, falling 0.46% to 13,766.

The delayed data was the US producer price index (PPI), which showed the prices at the factory gates in America rose 1% in March, much faster than expected.

The rapid inflation rise is likely to reignite interest in wider US inflation and Fed policy, as well as the US government bond markets.

8:08am: Wall Street set for positive start

US futures are pointing at a green open for the Dow Jones Industrial Average, the S&P 500 and the Nasdaq on Friday amid continued positivity.

“Steadying inflation concerns have opened the door for renewed buying interest in growth stocks,” said Richard Hunter at interactive investor.

“While the relief may be temporary, the previous rotation from value to growth has reversed. This resulted in a strong showing from big technology stocks which helped lift the S&P500, where the influence of the tech sector is significant, to another record closing high. Inevitably the Nasdaq index was also back in favour, with the likes of Microsoft and Apple clocking positive gains.”

“The imminent first quarter reporting season should add more colour to how companies are actually faring on the ground, while outlook comments will be scrutinised for further views on the economic rebound. More positively, the Fed remains determined to continue with its accommodative policies until such time as the picture clears and the expected bounce in economic fortunes gains traction.”

Four things to watch for on Friday:

  • Cannabis group Canopy Growth Corp (NASDAQ:CGC) will be in focus after announcing plans to acquire Canadian-listed rival Supreme Cannabis Company Inc (TSE:FIRE)
  • Plant-based meat maker Impossible Foods will be eyed for any more news about its possible IPO, which could reportedly see it valued at around USD$10bn
  • On the macro front, investors will be looking at the latest US PPI data
  • Meanwhile, there will also be reaction to the recent death of Prince Philip, consort of the UK’s Queen Elizabeth II

Story by ProactiveInvestors


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