*WALL ST ENDS MIXED AS ALL EYES TURN TO U.S. INFLATION DATA $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
NEW YORK - Wall Street stocks ended mixed on Tuesday, losing steam late in the session as investors awaited crucial inflation data and the unofficial kick-off of first-quarter reporting season. The Dow closed in positive territory with economically sensitive sectors such as industrials, materials and transports providing a boost, while tech and tech-adjacent megacap stocks pulled the Nasdaq to a lower close.
"When you see cyclicals leading, that is saying that recession worries could be somewhat overblown," said Ryan Detrick, chief market strategist at Carson Group in Omaha."That's a healthy sign, what you wouldn't expect to see if we were headed straight for recession." Stocks briefly gained momentum in the afternoon as Chicago Fed President Austan Goolsbee urged caution, warning that the Federal Reserve needs to be careful about raising rates too aggressively in its efforts to tame inflation. With a lack of market moving catalysts, investors looked ahead to Wednesday's consumer price index for any evidence that the long, slow inflation cooldown continues. "It's the calm before the storm," Detrick added."With huge inflation data tomorrow, Fed minutes coming out soon and earnings right around the corner, traders are taking a wait and see approach to see how the inflation data comes in." On a monthly basis, analysts see headline and core CPI cooling to 0.2% and 0.4%, respectively. But year-on-year, while consensus estimates call for a significant drop in the headline number - to 5.2% from 6.0% - the core measure, which strips out volatile food and energy prices, is expected to gain heat, rising to 5.6% from 5.5%. As inflation slowly cools to the Fed's average annual 2% target, market participants are banking on a 67% likelihood of another 25 basis point interest rate hike at the conclusion of its May monetary policy meeting, according to CME's FedWatch tool. " 25 basis point hike is probably going to happen, and is baked into stock prices," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut."How they position it for the next meeting is key, because so many people are expecting a downturn in the economy." Beyond CPI, investors are eyeing first-quarter reporting season, which surges from the starting gate on Friday with results from three major banks,
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