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April 10 - Wall Street's main stock indexes tumbled on Wednesday after a stronger-than-anticipated inflation reading dampened hopes of the Federal Reserve kicking off its monetary easing cycle in June.
"Data was hotter than expected, both on the top line and the core number... it's indicative of sticky inflation and the potential for the Fed to either cut fewer times or not at all in 2024," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders slashed bets of the Fed cutting interest rates in June after the CPI report, estimating the central bank will wait until September before cutting rates.
The first-quarter earnings season will pick up pace towards the end of the week, when banking giants JPMorgan Chase , opens new tab, Citigroup , opens new tab and Wells Fargo , opens new tab are scheduled to report. Among single stocks, Delta Air Lines , opens new tab advanced 3.9% after the carrier offered an upbeat outlook for the current quarter and topped Wall Street estimates for first-quarter earnings on buoyant travel demand.
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