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Stock Market News: The Dow Is Falling

Stocks are down ahead of the close. Oil prices are rising and bond yields are falling.

Richmond Fed’s Barkin Argues for Holding Rates Steady

By Nicholas Jasinski

April 04, 2024, 1:20 pm EDT

Are hotter-than-expected inflation readings earlier this year indicative of reaccelerating price growth, or merely bumps along the way toward the Federal Reserve’s 2% annual inflation target?

US stocks climbed on Thursday, a day after Fed Chair Powell calmed nerves about the prospect of delayed rate hikes.
Investors are anticipating the April jobs report on Friday, which will provide more clarity around the expected pace of rate moves.
Data showed jobless claims rose last week to the highest since January.

US stocks climbed on Thursday, a day after Fed Chair Jerome Powell calmed nerves about the prospect of delayed rate hikes.

Powell reiterated in a speech at Stanford University on Wednesday that despite stronger inflation at the start of 2024, the "overall picture" remains unchanged, and emphasized that the appropriate policy direction includes lowering "restrictive" policy rates within this year.

Markets now gauge a 60% chance of at least one cut by June, per CME's FedWatch Tool — a drop from around three-quarters odds a month ago.

Meanwhile, new data showed initial jobless claims rose last week to the highest since January. Initial claims increased by 9,000 to 221,000, above the consensus economist estimate of 214,000.

Investors will also be closely watching Friday's jobs reports, which will provide new non-farm-payroll and unemployment data.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:

S&P 500: 5,248.47, up 0.7%
Dow Jones Industrial Average: 39,291.15, up 0.4% (164 points)
Nasdaq Composite: 16,412.94, up 0.8%

Here's what else happened today:

Robert Kiyosaki, David Einhorn, and Gary Shilling are all worried about inflation — and so is the Fed
A former fund manager of the decade who's beaten 94% of competitors in the last 5 years shares how to spot 'fallen angels' hiding in markets — and 5 stocks he loves now

In commodities, bonds, and crypto:

West Texas Intermediate crude oil climbed by 0.89% to $85.91 a barrel. Brent crude, the international benchmark, dipped 0.11% to $89.25 a barrel.
Gold slipped 0.58% to $2,286.65 per ounce.
The 10-year Treasury yield dropped 1.4 basis points to 4.341%.
Bitcoin rose 1.37% to $66,991.