Benzinga
Published Apr 13, 2023 16:45
Updated Apr 13, 2023 18:10
5 Stocks To Watch After Thursday's Inflation, Jobless Data: Why Netflix, 2 Gold Miners Are Moving
Benzinga - Economic figures released at the start of trading on Thursday showed that producer price inflation (PPI) fell by 0.5% in March, below expectations of a flat number, and weekly jobless claims increased more than expected by 11,000 to 239,000. The two readings suggest that a cooling trend in pricing pressures and the labor market is already underway.
The market's interpretation of these two data releases has rekindled hopes for a pause in interest rate hikes following the Federal Reserve's May meeting, with rate cut bets rising from the July meeting.
The stock market reacted positively, with major U.S. and global equity markets all in the green, celebrating the growing conviction the rate hike cycle that began in March 2022 is soon coming to an end. Both the SPDR S&P 500 Trust ETF (ARCA: SPY) and the Dow Jones Industrial Average ETF (ARCA: DIA) rose 0.3%, while the tech-heavy Invesco QQQ Trust, Series 1 (NASDAQ: QQQ) gained 1%.
U.S. Stock indices surged following Thursday's PPI, Jobless data – Chart: TradingView
5 Stocks To Watch
These five stocks are responding strongly to the economic data.
1) Newmont Corporation (NYSE: NEM)
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