U.S. stock markets ended with mixed results as Intel (INTC, Financial) shares rose over 7%, reaching their highest closing level since December. Chinese stocks also saw widespread gains, with Alibaba rising 4.92%. The U.S. Labor Department's data revealed that January's CPI inflation exceeded expectations, influencing the Federal Reserve's cautious stance on interest rate cuts.
Comments from analysts suggest that the strong inflation data undermines the rationale for the Fed to adjust its rate cut path before mid-year. Interest rate futures traders now expect a smaller rate cut by the Fed by December, indicating only a single 25-basis-point reduction this year.
The Dow Jones fell 0.5% to 44,368.56 points, the S&P 500 declined 0.27% to 6,051.97 points, while the Nasdaq increased slightly by 0.03% to 19,649.95 points. Major tech stocks showed varied performance, with Amazon and Nvidia dropping over 1%, while Apple gained more than 1% and Tesla rose over 2%.
Among Chinese stocks, the Nasdaq Golden Dragon China Index increased by 2.73%. EHang soared over 21%, 21Vianet rose more than 13%, and Tiger Brokers climbed over 11%. However, New Oriental and JD.com saw declines of over 4% and 3%, respectively.
International precious metal futures closed mixed, with COMEX gold down 0.14% and COMEX silver up 1.18%. Oil prices fell across the board, with U.S. crude dropping 2.88% and Brent crude down 2.65%. The dollar index rose slightly by 0.08%.
