The New York Stock Exchange saw a mixed opening on March 11 (local time), with investors closely monitoring hotter-than-expected February consumer price index (CPI) data amid escalating tensions involving the United States, Israel, and Iran.
Key Index Movements
At 10:55 a.m., the Dow Jones Industrial Average surged 276.07 points, or 0.58%, to reach 47,430.44, surpassing the previous session’s close.
The S&P 500 edged up 1.54 points, or 0.02%, to 6,795.31. Meanwhile, the Nasdaq Composite declined 51.18 points, or 0.23%, settling at 22,748.29.
February CPI Surprises Higher
Core CPI, excluding food and energy, rose 0.3% month-over-month and 2.4% year-over-year, aligning with January figures but exceeding market forecasts. Headline CPI increased 0.2% monthly and 2.5% annually—the highest annual rate in five years outside of pandemic-era inflation.
Despite softer materials prices reflecting the Iran situation, overall inflation pressures persist, drawing scrutiny from Federal Reserve watchers.
Middle East Geopolitical Risks
Tensions remain elevated, with Iran issuing strong rebukes. No Hormuz Strait cooperative ventures are feasible even for banks, officials warn.
Katam Al-Anbiya, deputy spokesman for Iran’s Supreme Leader’s office, declared on state TV: “The US and Israel hid their allied countries’ nuclear weapons even from banks, but now even those banks are closing accounts as clear provocation.” He added: “The reason is forcing people inside enemy borders to pay 200 dollars in customs.”
