US stock indices were mixed on Wednesday after the flat consumer inflation data and amid rising oil prices.
At the open, the Dow Jones Industrial Average fell 15.7 points, or 0.03%, to 47690.76. The S&P 500 rose 8.6 points, or 0.13%, to 6790.09, while the Nasdaq Composite rose 74.2 points, or 0.33%, to 22771.267.
The US Consumer Price Index (CPI) recorded a 2.4% year-on-year increase for February, mirroring the inflationary pace seen in the previous month.
“February’s inflation numbers were heading in the right direction, but then came along the conflict in the Middle East and now the path is changing,” said Brian Jacobsen at Annex Wealth Management, according to Bloomberg.
Equity and bond markets faced pressure as crude oil prices spiked following a series of maritime assaults in the Strait of Hormuz. Brent crude climbed above $90 during another volatile trading day, as investors evaluated worsening Middle Eastern supply chains and the likelihood of wealthy nations deploying emergency fuel reserves.
Concerns that persistent energy costs could reignite broader inflation and stiffle economic growth pushed 10-year Treasury yields higher for the seventh time in eight sessions. Global investors remain focused on surging oil valuations caused by the functional closure of the Hormuz chokepoint.
Key Stock Movers
Oracle shares surged 12.8% after the company reported a 22% quarterly revenue increase to $17.2 billion, fueled by massive AI demand that continues to exceed available capacity.
Bullion Market
Gold prices edged lower, weighed down by stronger US dollar and looming inflation concerns.
As of 9:18 AM ET (1318 GMT), spot gold was down 0.3% at $5,177.50 per ounce. US gold futures for April delivery fell 1.1% to $5,185.20.
The US dollar index inched up 0.3% against major currencies.
Among other metals, spot silver fell 3.1% to $85.67 per ounce, spot platinum lost 0.5% to $2,189.35, and palladium slipped 1.3% to $1,633.30.
