Investors eagerly awaited the release of US inflation data, which was due to be published on Wednesday. The core personal consumption expenditure (PCE) price index for February in particular was of great interest, as it could potentially provide insights into when the Federal Reserve might begin cutting interest rates.
In anticipation of this news, US stocks surged on Wednesday morning. By 9:40 a.m. Eastern time, the Dow Jones Industrial Average had risen by 307 points or 0.8%, while the S&P 500 had increased by 0.6% and the Nasdaq composite had climbed by 0.3%. Shares of Trump Media & Technology Group saw an impressive 18.6% jump, while Merck climbed 4.9% after receiving federal approval for its Winrevair treatment for adults with pulmonary arterial hypertension.
Additionally, Robinhood Markets experienced a significant surge in value after revealing its first credit card, up 3.5%. The yield on the 10-year Treasury bond decreased slightly to 4.22% from 4.23% on Tuesday in response to this market activity. European markets also experienced gains, with Britain’s FTSE
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