S&P 500 Index stays flat above 4,100 after US inflation data
- Wall Street's main indexes opened mixed on Tuesday.
- Nasdaq Composite is posting strong gains on the back of rising tech stocks.
- Financial shares suffer heavy losses as US T-bond yields turn south.
Wall Street's indexes in the US opened mixed on Tuesday amid varying performance of major sectors. As of writing, the Dow Jones Industrial Average was down 0.55% on the day at 33,560, the S&P 500 was virtually unchanged at 4,126 and the Nasdaq Composite was gaining 0.75% at 13,925.
The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) in the US rose to 2.6% on a yearly basis in March. However, further details of the publication revealed that the Core CPI rose modestly to 1.6%. With the initial market reaction, the benchmark 10-year US Treasury bond yield, which gained more than 1% earlier in the day, turned south and was last seen losing 0.95%. Consequently, the rate-sensitive Financials Index is down 1.35% on the day.
On the other hand, the Technology Index is rising 0.8%, reflecting a positive shift in market sentiment.