Investors are eagerly awaiting the U.S. inflation statistics for April, which will be announced on Wednesday at 8.30 a.m. ET, before the start of trading on Wall Street.
The CPI data is one of the most crucial market-moving events for stocks, as investors try to decipher the state of the economy and how the Federal Reserve could respond next.
How Is The Market Positioned Ahead Of April CPI? The consensus expectation from analysts is for the U.S. CPI inflation rate to hold at 5% annually in April, unchanged from March, while core inflation is predicted to slightly ease from 5.6% to 5.5%. The monthly increase for both headline and core inflation is expected to be at 0.4%.
Fed future swaps indicate investors currently assign an 88% probability of the Fed holding interest rates steady at 5-5.25% in June, as opposed to a 12% chance of a further 0.25% hike.
Read also: Alarming April Inflation Data This Week Could Make Investors Rethink Fed Pause In June
By analyzing the last three CPI reports using the Benzinga Pro platform, we found the top five mega-cap stock movers which gained and lost in the session following each report's release.
March's U.S. CPI, Released On April 12, 2023
What Happened: Headline inflation came in at 5%, lower than the expected 5.2%, and down from the 6% recorded in February. Core inflation was 5.6%, up from the previous 5.5% and in line with the estimates.
Top Gainers For The Day:
- Novo Nordisk A/S NVO: up 3.25%
- Astrazeneca PLC AZN: up 2.19%
- Eli Lilly and Co. LLY: up 1.38%
- Merck & Co., Inc. MRK : up 1.12%
- Royal Dutch Shell PLC SHEL: up 0.99%.
Biggest Losers For The Day:
- Alibaba Group Holding Ltd. BABA: down 5.93%
- Tesla, Inc. TSLA: down 3.35%
- Taiwan Semiconductor Manufacturing Company Ltd. TSM: -2.66%
- NVIDIA Corp. NVDA: down 2.48%
- Amazon, Inc. AMZN: down 2.09%.
February's U.S. CPI, Released On March 14, 2023
What Happened: Headline inflation came in at 6%, lower than the expected 6.4%, and unchanged from January 2023. Core inflation was 5.5%, up from the previous 5.6% and in line with the estimates.
Top Gainers For The Day:
- Meta Platforms, Inc. META: up 7.25%
- Tesla Inc.: up 5.03%
- NVIDIA Corp.: up 4.78%
- Alphabet Inc. GOOGL GOOG: up 3.14% and 2.83%
- Microsoft, Inc. MSFT: up 2.71%.
Biggest Losers For The Day:
- Oracle Corp. ORCL: down 0.44%
- Home Depot Inc. HD: down 0.33%
- Astrazeneca PLC: down 0.14%
- Pfizer, Inc. PFE: up 0.1%
- UnitedHealth Group Inc. UNH: up 0.19%.
January's U.S. CPI, Released On Feb. 14, 2023
What Happened: Headline inflation came in at 6.4%, higher than the expected 6.2%, and slightly lower than the 6.5% from December 2022. Core inflation was 5.6%, down from the previous 5.7% and slightly above estimates of 5.5%.
Top Gainers For The Day:
- Tesla Inc.: up 7.51%
- NVIDIA Corp.: up 5.43%
- Taiwan Semiconductor Manufacturing Company Ltd.: up 1.92%
- ASML Holding N.V. ASML: up 1.31%
- Shell: up 1.21%.
Biggest Losers For The Day:
- The Coca-Cola Company KO: down 1.67%
- Home Depot: down 1.58%
- Exxon Mobil Corp. XOM: down 1.17%
- PepsiCo, Inc. PEP: down 1.13%
- Ely Lilly and Company LLY: down 0.81%.
Read next: Debt Ceiling Standoff Propels US Treasury Default Insurance Costs To Highest Levels Since 2009
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