US close: Stocks mixed following CPI reading, tariffs remain in focus
By Iain Gilbert
Date: Wednesday 12 Mar 2025
(Sharecast News) - Major indices delivered a mixed performance on Wednesday as investors digested February's CPI reading and trade tensions between the US and a number of its major trading partners continued to weigh on sentiment.
At the close, the Dow Jones Industrial Average was down 0.20% at 41,350.93, while the S&P 500 gained 0.49% to 5,599.30 and the Nasdaq Composite saw out the session 1.22% firmer at 17,648.45.
The Dow closed 82.55 points lower on Wednesday, extending heavy losses recorded in the previous session after Donald Trump announced that he would double tariffs on steel and aluminium imports to 50% in response to Canada's move to take a 25% levy on electricity exports.
Doug Ford, Premier of Ontario, later said he would put a pause on the surcharge, and White House trade advisor Peter Navarro stated Trump would not raise the Canadian steel and aluminium tariffs to 50%. However, the original 25% duties still came into effect on Wednesday, leading Canada to impose 25% retaliatory duties on more than $20.0bn worth of US goods. The European Union also vowed to impose counter-tariffs on €26.0bn worth of US imports beginning in April.
Today's primary focus was last month's consumer price index, which increased to 319.08 points in February, up from 317.67 points in January, according to the Bureau of Labor Statistics, with the annual inflation rate easing to 2.8% from 3% in January and below market expectations of 2.9%. On a monthly basis, CPI rose by 0.2%, slowing from 0.5% in January and below market expectations of 0.3%
Elsewhere on the macro front, US mortgage applications surged 11.2% in the week ended 7 March, according to the Mortgage Bankers Association of America. Last week's increase extends the seven-week high surge of 20.4% in the last week of February and comes in line with another decrease in benchmark mortgage rates as fears of a potential US recession kept yields on asset-backed securities in check. Applications to refinance a mortgage soared by 16%, while applications to purchase a new home were up by 7%.
In the corporate space, Groupon shares were higher thanks to some better-than-expected FY revenue guidance, while convenience store operator Casey's General Stores was also in the green on the back of Q3 results that came in ahead of analysts' expectations.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $20.68 4.55%
Boeing Co. (BA) $158.80 3.08%
Salesforce.Com Inc. (CRM) $284.58 2.72%
American Express Co. (AXP) $260.75 2.10%
3M Co. (MMM) $150.24 1.83%
Walt Disney Co. (DIS) $98.76 0.88%
Goldman Sachs Group Inc. (GS) $535.71 0.81%
Microsoft Corp. (MSFT) $383.27 0.74%
International Business Machines Corporation (CDI) (IBM) $249.63 0.27%
Visa Inc. (V) $332.84 0.21%
Dow Jones - Fallers
Procter & Gamble Co. (PG) $168.37 -2.74%
Walmart Inc. (WMT) $85.20 -2.56%
Dow Chemical Co. (DOW) $35.75 -2.51%
McDonald's Corp. (MCD) $299.40 -2.40%
Amgen Inc. (AMGN) $312.50 -2.00%
Verizon Communications Inc. (VZ) $42.59 -1.93%
Johnson & Johnson (JNJ) $162.85 -1.81%
Apple Inc. (AAPL) $216.98 -1.75%
Coca-Cola Co. (KO) $69.94 -1.55%
Merck & Co. Inc. (MRK) $93.35 -1.46%
S&P 500 - Risers
Micron Technology Inc. (MU) $95.64 7.40%
Nvidia Corp. (NVDA) $115.74 6.42%
Oracle Corp. (ORCL) $150.89 4.65%
Intel Corp. (INTC) $20.68 4.55%
Lam Research Corp. (LRCX) $76.59 4.40%
NRG Energy Inc. (NRG) $92.47 4.34%
Advanced Micro Devices Inc. (AMD) $100.79 4.16%
Discover Financial Services (DFS) $163.66 3.73%
Eaton Corporation plc (ETN) $292.04 3.45%
Macerich Co (MAC) $16.84 3.19%
S&P 500 - Fallers
Kohls Corp. (KSS) $8.61 -5.90%
H&R Block Inc. (HRB) $50.23 -5.85%
Dollar Tree Inc (DLTR) $61.92 -5.74%
Harley-Davidson Inc. (HOG) $24.48 -5.70%
Brown Forman Corp. Class B (BF.B) $34.20 -5.08%
Target Corp. (TGT) $107.28 -4.86%
Dollar General Corp (DG) $74.85 -4.82%
Hershey Foods Corp. (HSY) $170.94 -4.79%
United Airlines Holdings Inc (UAL) $72.46 -4.73%
American Airlines Group (AAL) $10.93 -4.62%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $248.09 7.59%
Micron Technology Inc. (MU) $95.64 7.40%
Nvidia Corp. (NVDA) $115.74 6.42%
Intel Corp. (INTC) $20.68 4.55%
Lam Research Corp. (LRCX) $76.59 4.40%
Western Digital Corp. (WDC) $42.96 2.78%
Netflix Inc. (NFLX) $919.68 2.75%
KLA-Tencor Corp. (KLAC) $680.39 2.43%
Meta Platforms Inc. (META) $619.56 2.29%
Broadcom Inc. (AVGO) $194.23 2.18%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $61.92 -5.74%
American Airlines Group (AAL) $10.93 -4.62%
Mondelez International Inc. (MDLZ) $64.98 -4.23%
Henry Schein Inc. (HSIC) $69.94 -4.09%
Regeneron Pharmaceuticals Inc. (REGN) $689.50 -3.99%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $329.23 -3.94%
Qvc Group Inc Series A (QVCGA) $0.22 -3.71%
DENTSPLY Sirona Inc. (XRAY) $15.33 -3.65%
Cognizant Technology Solutions Corp. (CTSH) $79.50 -3.61%
Idexx Laboratories Inc. (IDXX) $412.40 -3.35%
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