By Liz Moyer
Investing.com – U.S. stocks opened higher on Tuesday, trading places with falling bond yields after new data showed inflation running hotter than expected.
At 9:48 AM ET, the Dow Jones Industrial Average was up 293 points, or 0.9%, while the S&P 500 rose 1% and the NASDAQ Composite rose 1.5%.
The Consumer Price Index rose 8.5% in March from a year ago as Russia’s war on Ukraine bumped up the price of oil and other commodities. Supply chain issues remain, especially with new lockdowns in manufacturing regions of China forcing new delays.
While CPI is running slightly higher than the expected 8.4%, the core CPI number, which strips out energy and food, is actually running slightly lower than anticipated at 6.5% versus 6.6% expected.
The United States 10-Year Treasury, a benchmark interest rate, shed 0.07 to 2.72%. Yields move inverse to price.
Tech stocks rebounded from Monday’s drop. Tesla, Inc. (NASDAQ:TSLA) rose more than 2%, and Microsoft Corporation (NASDAQ:MSFT) and Amazon.com, Inc. (NASDAQ:AMZN) were each 1% higher.
Crude oil staged a strong comeback, rising more than 5%. The Crude Oil WTI Futures U.S. benchmark rose to $99 a barrel, while the Brent Oil Futures international standard rose to $103 a barrel.
Gold Futures rose nearly 1% to $1967/oz.