Major stock indexes concluded the trading session predominantly in the red on Friday, following a surge in March inflation data and a record low in consumer sentiment, despite achieving a second consecutive week of gains. The blue-chip index concluded with a decline of 0.6%, while the benchmark index saw a slight decrease of 0.1%. In contrast, the tech-heavy index recorded an increase of 0.4%. For the week, the Nasdaq, S&P 500, and Dow concluded with gains of 4.7%, 3.6%, and 3.0%, respectively. The 10-year Treasury yield, a key determinant of interest rates on mortgages and various consumer loans, recently stood at 4.32%, an increase from 4.28% at Thursday’s close, following the release of the much-anticipated Consumer Price Index report that aligned with expectations.

In March, consumer prices experienced a notable increase of 0.9%, marking one of the most significant monthly inflation surges recorded and the highest since June 2022. Year-over-year, prices rose by 3.3%. Core inflation, which excludes the more volatile categories of food and energy, increased by 0.2% on a month-over-month basis, falling short of the anticipated 0.3%. On a year-over-year basis, it registered a rise of 2.6%, which is below the consensus estimate of 2.7%. In the latest findings, the University of Michigan consumer sentiment survey for April has declined to a historic low of 47.6, a decrease from 53.3 in the previous month and significantly below the anticipated 52.0, reflecting growing apprehensions among Americans regarding the ramifications of the Iran war.

West Texas Intermediate futures, the U.S. crude oil benchmark, declined by 1.6% to $96.25 a barrel at 4 p.m., while Brent crude, the global benchmark, closed 0.8% lower at $95.20. Tanker traffic through the Strait of Hormuz continues to be constrained despite the recent agreement between the U.S. and Iran for a two-week ceasefire. President Donald Trump stated on Truth Social last night that “Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz.” That does not align with our established agreement! The U.S. dollar index, which measures the value of the greenback relative to a selection of foreign currencies, registered a decline of 0.2%, standing at 98.66.

Gold futures experienced a decrease of 0.7%, settling at $4,785 per ounce. Bitcoin was recently trading at $73,100, reflecting an increase from overnight lows of approximately $71,450. Shares of the Magnificent Seven tech giants concluded the trading session with mixed results, highlighted by a notable 2.6% increase in Nvidia. U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. closed up 1.4% following the announcement of record quarterly revenue, driven by robust demand in the AI sector.