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Gold price plunged late in the North American session on Tuesday in the aftermath of a hotter-than-expected US inflation report that exceeded estimates and prompted a jump in US Treasury bond yields.
Nasdaq slips as growth stocks retreat ahead of economic data
The benchmark S&P 500 climbed to a fresh record high on Tuesday as Oracle shares surged and slightly hot consumer price data failed to dampen investors' hopes of interest-rate cuts in the coming months. Since March 2022, the Fed has raised its policy rate by 525 basis points to the current 5.25% to 5.50% range. "While the February CPI data was noisy across segments, we believe the U.S. economy continues to be in good shape and is heading for a soft landing," said Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note.
Elevated borrowing costs, signals of more lenient bank regulation, and management's strides to cut costs are all upward drivers for the stock.
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