Stock Market Winners & Losers: Stocks Rise After Inflation Report | Biden’s Budget Includes Housing Tax Credit | Could TikTok Get Banned?
Winner: Stocks rise after inflation report
Stocks rose following the release of inflation data that matched expectations. Technology stocks rebounded after a couple of days of decline. Nvidia shares increased by 3%, and Microsoft saw a gain of about 2%. February's inflation showed a slight increase, but core inflation, excluding food and energy, eased to 3.8%. Despite a rapid decrease from 9% to 3%, achieving the Federal Reserve's 2% target may take longer than anticipated. Inflation, excluding shelter and gas prices, appears to be mild.
Loser: Biden’s Budget includes housing tax credits
Last year was the least affordable for homebuyers in the US, with prices rising 27% since the pandemic began. The president submitted a $7.3 trillion budget to Congress, including measures like a $10K tax credit for first-time homebuyers, a $10K credit for selling below median price, and a $20B fund for rental housing construction.
Loser: Could TikTok get banned?
Legislation backed by the president aims to force the sale of TikTok, a Chinese-owned app with 170 million US downloads. The bill, advanced unanimously by a House committee, would require ByteDance to sell TikTok. ByteDance opposes the move, while the House plans to expedite a vote this week. TikTok argues it would impede users' free expression. Microsoft and Google are interested in buying the app.
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