The S&P 500 gained 0.5% following softer-than-expected Consumer Price Inflation (CPI) data in February, which indicated a decline in inflation. The Nasdaq rose 1.2%, driven by tech stocks, while the Dow closed 0.2% lower. Tesla shares surged 7.6%, marking the strongest performance among S&P 500 stocks, despite analysts lowering their price targets due to concerns over self-driving technology and delivery capacity.
The CPI report positively impacted tech stocks by suggesting reduced borrowing costs, aiding growth plans. Taiwan Semiconductor Manufacturing Co.’s proposal to form a joint venture with U.S. chipmakers to operate Intel foundries also boosted semiconductor stocks. Micron Technology and Nvidia shares advanced 7.4% and 6.4%, respectively. Palantir Technologies stock rose 7.2% after announcing new clients such as Walgreens and Heineken.
Discount retailers faced pressure, with Dollar Tree shares dropping 5.7%, the largest decline in the S&P 500, amid macroeconomic uncertainty and potential tariff effects. Target and Dollar General shares fell 4.9% and 4.8%, respectively. Brown-Forman shares fell 5.1% due to upcoming 50% EU tariffs on U.S. whiskey imports starting April 1.
— news from Investopedia
