US stocks closed mixed on April 10, with investors treading cautiously into the weekend amid fragile Middle East ceasefire talks and a fresh inflation jolt tied to the Iran conflict, Reuters reported.
The Dow fell 0.56% and the S&P 500 slipped 0.11%, while tech strength lifted the Nasdaq 0.35%. Chipmakers led the charge with Broadcom adding 4.7% and Nvidia increasing 2.6%, pushing the SOX index to a record high.
A hotter-than-expected CPI print showed the biggest monthly rise in nearly four years, driven by a 21% surge in gasoline prices, underscoring the inflationary impact of the oil shock. Still, softer core inflation offered a partial offset.
Geopolitical tensions remained front and centre: A shaky truce in the Middle East showed signs of strain, while Iran kept the Strait of Hormuz closed, raising concerns over prolonged energy disruptions.
Despite the cautious tone during the trading session on April 10, all three major indexes notched their strongest weekly gains since November, as earlier optimism around a ceasefire fuelled a rebound.
Looking ahead, markets may shift focus to fundamentals, with earnings season kicking off next week and S&P 500 profits expected to grow ~13.9% year-on-year.
