Tuesday's Market Update (March 14, 2023)
On Tuesday, the BLS reported that the Consumer Price Index increased to 300.84 (+0.4 percent) in February, which was a slight increase from January's figure of +0.5 percent. The increase in CPI almost perfectly met the market's expectations of 300.86. The indexes for gasoline, shelter, and apparel saw the greatest increases, with each rising by 1.0, 0.8, and 0.8 percent, respectively. Gas services and fuel oil decreased by -8.0 and -7.9 percent.
With inflationary pressure continuing to mount, the positive performance of the tech stocks can be attributed to most traders still attempting to ride on the back of SVB news, resulting in the NASDAQ closing at 11428 (open: 11357, +0.6 percent). On the other hand, BTC, which had been pumping up during the weekends, corrected from 25832 to 24990 (-3.3 percent) during the day session.