Stocks started the day significantly lower following an unexpected increase in consumer prices according to a key inflation report. The Dow Jones Industrial Average dropped over 1%, the S&P 500 declined about 1.2%, and the Nasdaq was down over 1.2%. However, markets have since rebounded from their lows. Despite strong economic and earnings performance, inflation remains a concern, as evidenced by the 10-year Treasury yield touching above 4.5% for the first time in 2024. Expectations for Federal Reserve rate cuts have decreased to 2 for the year, down from earlier projections of 3 and 6. The first-quarter earnings season began with Delta's results, which exceeded expectations and led to a nearly 3% increase in its stock price.
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