Shutterstock
Stocks rally on slowing inflation data, Buffett says more bank failures on the way but “don’t panic,” Biden and EPA propose new stringent emission standards to force EV adoption, Walmart closing 50% of its stores in Chicago by Sunday, and more financial news.
Although consumer prices rose in March, it represents the slowest rate since May 2021, as inflation showed signs of easing further, Yahoo Finance reported.
The S&P 500 was up +25.15 points or +0.61%, while the Dow soared 197.14 points or +0.59%, and the NASDAQ advanced 65.97 points or +0.56% as of 9:39 AM EDT.
Gold rose 14.80 points or +0.73% to 2033.70 as of 9:30 AM EDT.
Treasuries were down, with the benchmark US 10-Year Treasury slipping -0.027 for a yield of 3.407%, while the 2-Year Treasury dipped -0.086 to yield 3.972%, as of 9:40 AM EDT on Wednesday.
In oil futures, the benchmark Brent crude was up +1.05% and trading at $86.51 barrel, while WTI crude was up +1.02 % and trading at $82.36 barrel as of 8:49 AM CDT.
The Consumer Price Index (CPI) rose only 0.1% in March over February, a slowdown of 0.4% month over month and 5% year-over-year, according to the latest data from the Bureau of Labor Statistics released on Wednesday morning, Yahoo Finance reported.
Famed investor Warren Buffett shared his thoughts on the banking industry, telling Americans they do not need to panic.
“We’re not over bank failures, but depositors haven’t had a crisis,” the Berkshire Hathaway chairman and CEO told CNBC. “Banks go bust. But depositors aren’t going to be hurt.”
Yahoo Finance reported that Buffett said people “do not need to be panicked” about the industry and that “nobody is going to lose money on a deposit in a U.S. bank.”
The Biden administration and the Environmental Protection Agency (EPA) rolled out a proposal for new vehicle emissions standards on Wednesday that will impact car model years 2027 through 2032, Fox reported. The new tailpipe emissions limits could require as much as 67% of all new vehicles sold in the U.S. by 2032 to be all-electric, CNBC reported. The proposed limits would surpass President Biden’s previous commitment to have EVs make up roughly 50% of cars sold by 2030 and accelerate the transition to electric vehicles.
Walmart is closing one supercenter and three neighborhood markets in Chicago by the end of the week, representing half of its locations in the city, with the company saying these stores have long been losing money, CBS reported. Walmart says its annual losses at these Chicago stores have nearly doubled in the last five years.
