Summary
U.S. stocks were higher on Tuesday morning following the release of hotter-than-expected inflation data In February, headline CPI-U rose 0.4%, matching expectations and up from 0.3% last month. This brings the annual inflation rate to 3.2%, up from 3.1% last month. Core CPI rose 0.4%, matching the prior month but ahead of expectations for the second straight month, bringing annual core-CPI to 3.8%, down from 3.9% last month. Over 60% of the monthly increase for headline CPI was from the shelter and energy components. Investors still expect the first rate cut will be in June. The Dow rose 0.7%, the S&P 500 was up 1.0%, and the Nasdaq gained 1.4%. Crude oil traded above $78 per barrel, while gold fell $22 to $2167 per ounce.
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