Posted 3/13/2024, 10:00:00 AM
Markets Pull Back as Economic Data Tempers AI Optimism
- Futures fall after AI hype spurs Wall Street gains; tech stocks like Nvidia rallied on optimism over artificial intelligence
- CPI inflation data beats expectations and remains sticky; more inflation data awaits with PPI and retail sales figures
- Oil prices supported by unexpected inventory draw and OPEC demand outlook, though capped by high US production
- Gold prices retreat from record highs following hotter CPI data; other metals also pull back as markets await more rate cues
- Japanese stocks extend losses as wage hikes fuel speculation of hawkish pivot by Bank of Japan