US open: Stocks mixed as traders weigh CPI data, record IEA oil release

(Sharecast News) - Wall Street trading got off to a mixed start on Wednesday as traders digested February's in‑line consumer price index reading and the International Energy Agency's decision to order the release of 400m barrels of oil. As of 1500 GMT, the Dow Jones Industrial Average was down 0.35% at 47,537.53, while the S&P 500 advanced 0.10% to 6,788.10 and the Nasdaq Composite came out of the gate 0.33% firmer at 22,772.18.

The Dow opened 168.98 points lower on Wednesday, extending losses recorded in the previous session as markets absorbed the Trump administration's latest remarks on Iran and oil prices extended their move lower.

Wednesday's primary focus looked set to be news that US consumer prices rose 0.3% in February after a 0.2% gain in January, according to the Bureau of Labor Statistics, in line with expectations. The shelter index increased 0.2% and remained the biggest contributor to the monthly rise, while food prices were up 0.4%, with both food at home and food away from home advancing, and energy costs climbed 0.6%.

Core CPI, which strips out valatile food and energy costs, rose 0.2% on the month, with medical care, apparel, household furnishings, airline fares, and education all posting increases. Declines were seen in communication, used vehicles, motor‑vehicle insurance, and personal care. On a 12‑monthly basis, the all‑items index was unchanged at 2.4%, while core inflation held at 2.5%. The energy index was up 0.5% year‑on‑year, and food inflation stood at 3.1%.

Oil prices also remained in focus, having surged close to $120 a barrel on Monday amid mounting concerns over the conflict in Iran, before heading south on Tuesday as hopes grew that a group of nations might tap emergency crude reserves. On Tuesday, West Texas Intermediate dropped to an intraday low of $76.73 before settling almost 12% lower at $83.45 a barrel, while Brent crude slid more than 11% to close at $87.80 per barrel.

However, oil prices pushed higher again early on Wednesday, with both Brent and US crude moving back above $86 a barrel, despite the International Energy Agency's move to order the release of 400m barrels of oil reserves - the largest in its history - to help ease the supply and price spike crisis caused by the US-Israeli attacks on Iran. The emergency intervention far outstrips the 2022 release of 182m barrels of oil by IEA countries after Russia's full-scale invasion of Ukraine.

"Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together," said IEA executive director Fatih Birol.

The IEA said the emergency stocks would be made available to the global market over a timeframe appropriate to the national circumstances of each member, bolstered by supplementary emergency measures from some countries.

The renewed rally also followed reports that three vessels had been hit by "projectiles" in the Strait of Hormuz amid reports that Iran was laying mines in the key waterway. The UK Maritime Trade Operations service reported vessels had been struck off Dubai, the UAE coast and north of Oman, where the crew had been evacuated. US officials claimed military strikes had destroyed 16 mine-laying vessels in the strait, which accounts for 20% of global oil shipments and has been closed since the war started almost two weeks ago.

Elsewhere on the macro front, US mortgage applications rose 3.2% week-on-week in the seven days ended 6 March, according to the Mortgage Bankers Association of America, with the fourth consecutive weekly increase taking applications to their second highest level since 2022. Applications to purchase a new home surged by 7.8%, while applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, ticked up 0.5% on the week.

No major corporate earnings were slated for release on Wednesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $48.15 3.51% Chevron Corp. (CVX) $189.32 1.51% Dow Chemical Co. (DOW) $34.37 0.80% Apple Inc. (AAPL) $260.47 0.55% Salesforce.Com Inc. (CRM) $194.83 0.31% American Express Co. (AXP) $305.05 0.21% Amgen Inc. (AMGN) $377.87 0.20% Nike Inc. (NKE) $56.44 0.12% Walmart Inc. (WMT) $0.00 0.00% Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Procter & Gamble Co. (PG) $151.53 -2.79% Coca-Cola Co. (KO) $76.76 -1.59% Cisco Systems Inc. (CSCO) $77.38 -1.44% McDonald's Corp. (MCD) $323.57 -1.35% Goldman Sachs Group Inc. (GS) $824.92 -1.28% Verizon Communications Inc. (VZ) $50.19 -1.26% Home Depot Inc. (HD) $353.48 -1.26% Boeing Co. (BA) $215.65 -1.20% Travelers Company Inc. (TRV) $299.61 -1.14% Merck & Co. Inc. (MRK) $116.11 -1.08%

S&P 500 - Risers

Oracle Corp. (ORCL) $166.07 12.48% CF Industries Holdings Inc. (CF) $118.61 6.94% Mosaic Company (MOS) $28.28 5.73% Valero Energy Corp. (VLO) $228.34 5.20% Akamai Technologies Inc. (AKAM) $105.87 4.71% Marathon Petroleum Corporation (MPC) $224.75 4.47% HF Sinclair Corporation (DINO) $55.78 4.46% Nektar Therapeutics (NKTR) $72.60 4.43% Phillips 66 Common Stock (PSX) $168.87 3.70% Intel Corp. (INTC) $48.15 3.51%

S&P 500 - Fallers

ConAgra Brands Inc (CAG) $16.99 -5.92% McCormick & Co. (MKC) $60.10 -5.13% TripAdvisor Inc. (TRIP) $9.94 -5.09% Mondelez International Inc. (MDLZ) $54.83 -4.49% Stryker Corp. (SYK) $345.00 -4.44% Kohls Corp. (KSS) $14.05 -4.12% Clorox Co. (CLX) $111.45 -4.09% Western Digital Corp. (WDC) $267.10 -3.59% NRG Energy Inc. (NRG) $149.53 -3.55% Brown Forman Corp. Class B (BF.B) $24.50 -3.48%

Nasdaq 100 - Risers

Intel Corp. (INTC) $48.15 3.51% Charter Communications Inc. (CHTR) $225.70 3.23% KLA-Tencor Corp. (KLAC) $1,479.65 2.52% Skyworks Solutions Inc. (SWKS) $55.47 2.37% Micron Technology Inc. (MU) $415.34 2.28% Tesla Inc (TSLA) $412.49 2.19% Qvc Group Inc Series A (QVCGA) $3.45 2.09% Lam Research Corp. (LRCX) $220.11 2.07% Applied Materials Inc. (AMAT) $350.47 1.99% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $654.19 1.87%

Nasdaq 100 - Fallers

Mondelez International Inc. (MDLZ) $54.83 -4.49% Western Digital Corp. (WDC) $267.10 -3.59% Kraft Heinz Co. (KHC) $23.09 -3.47% DENTSPLY Sirona Inc. (XRAY) $12.66 -3.30% Verisk Analytics Inc. (VRSK) $201.92 -3.18% Intuit Inc. (INTU) $440.51 -3.08% Gen Digital Inc. (GEN) $21.41 -2.82% Liberty Global plc Series C (LBTYK) $11.94 -2.61% Henry Schein Inc. (HSIC) $76.86 -2.57% Idexx Laboratories Inc. (IDXX) $587.57 -2.17%