Good Evening. Investors weighed fresh inflation data out of Washington, which showed prices raced to a new 40-year high in March, as stocks in the United States pared gains to fall into the last hour of trading.
The S&P 500 fell 0.34%, and the Dow fell below the flatline at 0.26%. After a strong start to the session, the Nasdaq Composite sank to 0.30%.
Following an announcement that the company will expand its trade-in and resell program “Lululemon Like New” nationally, shares of athletic gear retailer Lululemon (LULU) soared as much as 6% to their highest intraday level since January 3.
After a successful two-state experiment in 2021, Lululemon Like New will be accessible to customers across the United States starting on Earth Day, April 22. By 2030, the store plans to spend 100% of its profits on its Impact Agenda, which includes creating 100% of products out of sustainable materials and providing end-of-life solutions.
As of closing, LULU was up 2.01% to $376.16 a share. The Consumer Discretionary Index of the S&P 1500 increased by 2.40%.
Consumers in the United States paid more for a range of products and services in March than in February, as price levels across the economy continued to rise amid supply and demand disruptions.
According to the latest report released Tuesday by the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) climbed 8.50% in March compared to the same month last year. That was the most rapid increase since December 1981. This comes after a 7.90% yearly gain in February. According to Bloomberg data, consensus economists expected an increase of 8.40% in March.
Members of the Federal Reserve have increased their rhetoric on utilizing monetary policy instruments to bring down rapidly rising prices, despite no definite indicators of a peak in inflation. Fed Governor Lael Brainard said last week that lowering inflation was “our most critical responsibility,” while San Francisco Fed President Mary Daly warned that high inflation was “as harmful as not having a job.”