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The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. "We are finally starting to see the cumulative effects of the relentless rate hikes," said Peter Andersen, founder at Andersen Capital Management. US inflation, Fed rates and marketsMinutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes. ET, Dow e-minis were up 220 points, or 0.65%, S&P 500 e-minis were up 33 points, or 0.80%, and Nasdaq 100 e-minis were up 130 points, or 0.99%.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. Stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the U.S. central bank will raise interest rates again next month. US inflation, Fed rates and MarketsMajor technology and other growth stocks such as Microsoft Corp (MSFT.O), Tesla Inc (TSLA.O) and Apple Inc (AAPL.O) edged higher as Treasury yields slipped. Minutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes.

Hopes that the Fed will soon end its aggressive monetary policy tightening campaign spurred a rebound in the S&P 500 this month after the collapse of two U.S. mid-sized lenders sparked a selloff in March. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, the worst contraction since the third quarter of 2020 and a stark reversal from the 1.4% annual growth forecast at the beginning of the year, according to Refinitiv IBES data. Remarks later on Tuesday from voting members of the Fed's rate-setting committee will be parsed for more clues on the central bank's policy moves. Seven of the 11 major S&P sectors rose, with gains in material (.SPLRCM) and energy (.SPNY) shares offsetting losses in technology (.SPLRCT) stocks. The S&P index recorded six new 52-week highs and no new lows, while the Nasdaq recorded 43 new highs and 72 new lows.

Hopes that the Fed will soon end its aggressive monetary policy tightening have helped the benchmark S&P 500 (.SPX) stabilize so far in April after the collapse of two U.S. mid-sized lenders sparked a selloff last month. This marks a shift in traders' bets of a pause in the Fed's policy tightening after recent weak economic data raised the possibility of a U.S. recession. Data on Wednesday is expected to show consumer prices grew 5.2% in March after a 6.0% rise in February. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the year, according to Refinitiv data. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.10%, and Nasdaq 100 e-minis were down 2.25 points, or 0.02%.

Losses in megacap stocks such as Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) weighed on the tech-heavy Nasdaq, while gains in industrial stocks such as Caterpillar Inc (CAT.N) boosted the Dow. Hopes that the Fed will soon end its aggressive monetary policy tightening helped the S&P 500 stabilize so far in April after the collapse of two U.S. mid-sized lenders sparked a selloff last month. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, a stark reversal from the 1.4% annual growth expected at the beginning of the year, according to Refinitiv data. Seven of the 11 major S&P sectors rose, with gains in industrial (.SPLRCI) and material (.SPLRCM) shares offsetting losses in technology (.SPLRCT) stocks. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 32 new highs and 30 new lows.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. Several economic indicators last week, including weak private payrolls and job openings data, had initially raised hopes of a pause to the market-punishing rate hikes amid the recent banking sector turmoil. Declining issues outnumbered advancers for a 1.48-to-1 ratio on the NYSE and 1.74-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and no new lows, while the Nasdaq recorded 13 new highs and 57 new lows. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Shounak Dasgupta and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. ET, Dow e-minis were down 122 points, or 0.36%, S&P 500 e-minis were down 21.5 points, or 0.52%, and Nasdaq 100 e-minis were down 107.75 points, or 0.82%. Shares of regional banks slipped after Fed data on Friday showed overall credit from U.S. banks declined by a record of more than $120 billion in the latest week, on a nonseasonally adjusted basis. Semiconductor stocks such as Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) gained 5.5% and 4.7%, respectively, following Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Varun H K and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The U.S. central bank hiked rates by 50 basis points (bps) on Wednesday, slowing down from four back-to-back 75 bps hikes, although Fed Chair Jerome Powell said recent signs of slowing inflation have not brought any confidence yet that the fight had been won. The Fed's policy-setting committee projected it would continue raising rates to above 5% in 2023, a level not seen since a steep economic downturn in 2007. Money market participants currently expect at least two 25 bps rate hikes next year and borrowing costs to peak at 4.9% by May next year, before falling to around 4.4% by year-end. Wall Street's main indexes have staged a strong recovery since hitting 2022 lows in October on hopes of a less aggressive Fed, but the rally stalled in December due to mixed economic data and worrying corporate forecasts. Tesla Inc (TSLA.O) fell 2.9% after CEO Elon Musk disclosed another $3.6 billion in stock sales, taking his total near $40 billion this year and frustrating investors as the company's shares wallow at two-year lows.

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