US stock markets hit record highs on Friday after producer prices rose the most in more than nine years.
The Dow Jones Industrial Average was up 297 points, or 0.89%, while the S&P 500 was up 0.77%. Both indices were trading in record territory. Meanwhile, the Nasdaq Composite rose 0.51% to exit correction territory.
| ticker | security | Last | change | Change% |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGE | 33800.6 | +297.03 | + 0.89% |
| SP500 | S&P 500 | 4128.8 | +31.63 | + 0.77% |
| I: COMP | n / A | n / A | n / A | n / A |
The turbulent trade is due to the fact that, according to a report, producer prices rose 4.2% in March compared to the previous year. This is the fastest level since September 2011. The Wall Street analysts polled by Refintiv expected an increase of 3.8%. The hotter-than-expected PPI report caused traders to dump U.S. Treasuries, raising the 10-year note’s yield by 3 basis points to 1.66%.
On inventory, Dow component Boeing Co. asked 16 customers to resolve a potential electrical issue related to 737 Max jets.
| ticker | security | Last | change | Change% |
|---|---|---|---|---|
| BA | THE BOEING CO. | 252.16 | -2.43 | -0.95% |
| GS | THE GOLDMAN SACHS GROUP, INC. | 331.00 | +0.13 | + 0.04% |
| JPM | JPMORGAN CHASE & CO. | 156.39 | +1.21 | + 0.78% |
Elsewhere on the Dow, Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been selected to lead the US IPO for Chinese hail-fighting firm Didi Chuxing, Reuters reported. Didi is expected to have a valuation of at least $ 100 billion and could be the largest Chinese IPO in the US since Alibaba debuted in 2014.
Carnival Corp., Royal Caribbean Cruises Ltd. and Norwegian Cruise Line Holdings Ltd. were in focus after Florida sued the federal government and the Centers for Disease Control and Prevention, demanding that cruise lines resume immediately.
| ticker | security | Last | change | Change% |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 29.30 | +0.74 | + 2.59% |
| RCL | ROYAL CARIBBEAN CRUISES | 89.88 | +0.09 | + 0.10% |
| NCLH | NORWEGIAN CRUISE LINE HOLDINGS LTD. | 30.57 | 0.00 | 0.00% |
As a result, Levi Strauss & Co. reported a quarterly profit and year-over-year revenue decline, but exceeded Wall Street estimates.
| ticker | security | Last | change | Change% |
|---|---|---|---|---|
| LEVI | LEVI STRAUSS & CO. | 25.67 | +0.65 | + 2.60% |
In commodities, West Texas Intermediate crude fell 28 cents to $ 59.32 an ounce and gold was down $ 13.50 to $ 1,743.30 an ounce.
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The overseas markets were mixed.
The German DAX 30 outperformed Europe by 0.21%, while the French CAC 40 gained 0.06% and the British FTSE 100 fell 0.38%.
In Asia, the Hang Seng index in Hong Kong declined 1.07%, the Chinese Shanghai Composite lost 0.92% and the Japanese Nikkei 225 rose 0.2%.
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