A mostly upbeat start to corporate earnings season buoyed stocks on Wednesday.
 | WED, APR 13, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 170.40 | +2.74 | +1.63% | | JPM | 127.30 | -4.24 | -3.22% | | INTC | 47.01 | +0.51 | +1.10% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 18.95 | +1.82 | +10.62% | | AMD | 97.74 | +2.64 | +2.78% | | AAPL | 170.40 | +2.74 | +1.63% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 97.74 | +2.64 | +2.78% | | AAPL | 170.40 | +2.74 | +1.63% | | NVDA | 222.03 | +6.99 | +3.25% | |
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A mostly upbeat start to corporate earnings season buoyed stocks on Wednesday as investors brushed off the latest batch of surging U.S. inflation numbers. The Dow Jones Industrial Average rose 344 points, or 1.01%. The S&P 500 gained 1.1%, and the Nasdaq Composite rallied 2%, snapping a three-day losing streak for the two market averages after March's CPI report on Tuesday showed the highest inflation since 1981. Investors are monitoring earnings commentary for clues on how companies are managing inflationary pressures. Travel stocks such as American Airlines and Marriott got a boost after Delta Air Lines forecast a return to profitability this quarter. On the other hand, shares of JPMorgan posted losses after reporting a $524 million hit from market dislocations due to sanctions against Russia. "This is going to be probably more important than the typical earnings season," said Scott Ladner, chief investment officer at Horizon Investments. "Earnings haven't mattered a ton, because it's been a macro-based market for a few years now, frankly," he said. "But we're moving away from a macro-based world and we're in a micro-based world, because of the activity of central banks around the world becoming increasingly more hawkish." |
Wednesday's moves come after the producer prices report for March — wholesale costs that could eventually lead to higher retail prices — showed a record 11.2% surge from a year ago, according to the Bureau of Labor Statistics on Wednesday. The monthly gain of 1.4% topped the 1.1% estimate from economists polled by Dow Jones. Still, investors seemed to look past those numbers on Wednesday, leading some on Wall Street to wonder whether inflation will level out. "I think the market appears to be reacting in a similar way that it did yesterday in response to the consumer price index," said Jack Ablin, founding partner of Cresset Wealth. "Obviously, PPI at 11 handle, to me, is mind boggling, but I think the peak inflation narrative still holds." |
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