CPI Sent Market Surging - But Some Stocks Took A Hit: Spotlight On Top Gainers And Hard-Hit Decliners
The market is trading higher on Wednesday after the Labor Department reported the latest Consumer Price Index figure for the month of March. While most stocks are trading higher alongside the major index funds, several stocks are taking noticeable hits in the premarket and early market trading hours.
What Happened: The U.S. Labor Department reported headline CPI of 5% for the month of March, which came in below what many economists were predicting for the month.
CPI was up 0.1% on a month-over-month basis, which also came in lower than economists’ expectations for the month.
Core CPI, which excludes food and energy items, rose 5.6% year-over-year for the month of March.
The figure marks the lowest inflation reading since May 2021.
The better-than-forecasted CPI reading sent many stocks higher Wednesday. Here’s a look at the top movers in the premarket Wednesday.
Related Link: EXCLUSIVE: Top 10 Most Searched Tickers On Benzinga Pro In March Including Tesla, Apple, AMC And More
Movers: The SPDR S&P 500 ETF (NYSE:SPY), which tracks the S&P 500 Index, was up 0.6% in the premarket to $412.12. The ETF moved higher quickly after the CPI information came out.
After posting a big drop in share price in 2022, the ETF is now up 7.6% year-to-date in 2023.
Here is a look at the top decliners in the premarket, of stocks that have a market capitalization of $300 million or more, as tracked by Benzinga Pro.
Cirrus Logic (NASDAQ:CRUS)
Cutera (NASDDAQ:CUTR)
Brookfiled Infrastructure (NYSE:BIPC)
Apogee Enterprises (NASDAQ:APOG)
WW International (NASDAQ:WW)
Among the biggest gainers in the premarket trading session, which could be related to the CPI reading or other factors, were:
BigBear.AI (NYSE:BBAI)
Opendoor Technologies (NASDAQ:OPEN)
Eos Energy Enterprises (NASDAQ:EOSE)
Grifols (NASDAQ:GRFS)
Emergent BioSolutions (NYSE:EBS)
Photo: Shutterstock
