Mixed Wall Street: Nasdaq rises with tech, oil and Fed expectations weigh on markets

At the opening, the S&P 500 stood at 6,791.18 points, up 0.13%, while the Nasdaq Composite gained 0.28% to 22,774.80 points, supported by technology stocks. The Dow Jones Industrial Average was slightly down instead, falling 0.17% to 47,634.54 points, weighed down by weakness in industrial stocks.

Investors’ attention is mainly focused on the latest U.S. inflation data, which continues to shape expectations regarding the monetary policy of the Federal Reserve. The Consumer Price Index rose by 0.3% month-on-month in February and by 2.4% year-on-year, while the core component stands at 2.5%. The figures are broadly in line with analysts’ forecasts but keep markets cautious about the timing of any potential rate cuts.

Geopolitics is also influencing market sentiment. Ongoing tensions in the Middle East continue to support oil prices, with Brent crude oil trading close to $90 per barrel. Investors fear possible disruptions to energy supplies in the Persian Gulf area and along the Strait of Hormuz, a crucial chokepoint for global crude oil trade.

On the corporate front, the technology sector is benefiting from better-than-expected results from software group Oracle Corporation, whose shares rose sharply in pre-market trading, supporting the broader cloud and artificial intelligence segment.

Overall, the start of trading on Wall Street reflects a cautious mood among investors, torn between signs of resilience in the U.S. economy and risks linked to the international environment and energy commodity prices. In the coming days, attention will remain focused on signals from the Federal Reserve and on developments in the global geopolitical landscape.

Andrea Pelucchi