Nasdaq jumps 2% as stocks rally, oil hits $104

Producer prices rose 11.2% in March — a new record

U.S. stocks rallied as investors weighed a fresh report on record-high inflation against a basket of mixed first-quarter earnings. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30775.43 -253.88 -0.82%
SP500 S&P 500 3785.38 -33.45 -0.88%
I:COMP NASDAQ COMPOSITE INDEX 11028.735703 -149.16 -1.33%

The Nasdaq Composite led the gains rising 2% while the S&P 500 added 1% and the Dow Jones Industrial Average rose by the same amount or over 344 points. 

The rally came as investors shrugged off another hot inflation report. The producer price index rose 1.4% month-over-month, according to the Bureau of Labor statistics. Year-over-year, prices paid by wholesalers jumped a record 11.2%, up from 10% in February.

Factoring out volatile food and energy costs, core producer prices rose 1% monthly in March, up from 0.2% the prior month. Year-over-year, look for core PPI to jump 9.2% in March. On Tuesday, the government reported that the consumer price index, a closely-watched gauge of retail inflation, surged to a 40-year high in March.

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In earnings news, Delta shares rose after the carrier said it has returned to profitability as consumer demand rebounds. The disclosure bodes well for other carriers. Separately, pilots at Southwest warned CEO Robert Jordan of fatigue through their union. 

Ticker Security Last Change Change %
DAL DELTA AIR LINES INC. 28.81 -0.80 -2.70%
AAL AMERICAN AIRLINES GROUP INC. 12.68 -0.35 -2.69%
UAL UNITED AIRLINES HOLDINGS INC. 35.42 -0.26 -0.73%
LUV SOUTHWEST AIRLINES CO. 36.02 -0.16 -0.44%

JPMorgan's quarter was more subdued as revenue and profits declined from the same period a year ago. The largest U.S. lender posted a profit of $8.28 billion, or $2.63 per share in the first quarter, compared with $14.3 billion, or $4.50 per share, a year earlier. Revenues fell to $30.7 billion from $32.2 billion a year earlier. The stock slide weighed on the Dow. 

Thursday Goldman Sachs, Morgan Stanley and Wells Fargo will all report earnings. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 112.68 -2.56 -2.22%
GS THE GOLDMAN SACHS GROUP INC. 297.51 -5.65 -1.86%
MS MORGAN STANLEY 75.76 -2.35 -3.01%
WFC WELLS FARGO & CO. 39.23 -0.45 -1.13%

AMC CEO ENGAGES IN MORE DEALMAKING

In deal news, AMC Entertainment has struck a deal to acquire seven former Bow Tie Cinemas locations with 66 screens, including five in Connecticut, one in upstate New York and one in Annapolis, Maryland. The new Connecticut theater locations will double AMC's overall presence in the state. 

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 13.54 -0.10 -0.73%

Elsewhere, Peloton's new CEO Barry McCarthy got a slam from activist Blackwells Capital. The firm says he has done little since taking over in February when John Foley was moved to a separate role. 

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 9.18 -0.27 -2.86%

U.S. oil rose over 3% to $104.25 per barrel as traders monitored Russia's tightening supply after Moscow said talks to resolve its invasion of Ukraine had come to a dead end.

NYSE traders

Traders on the floor of the NYSE. (AP / AP Newsroom)

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 80.36 -2.57 -3.10%
BNO UNITED STS BRENT OIL FD LP UNIT 32.74 -0.74 -2.21%

 RUSSIA INVADES UKRAINE: LIVE UPDATES

INFLATION SURGES 8.5% IN MARCH, HITTING A NEW 40-YEAR HIGH

Bitcoin traded around $41,000. 

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The Associated Press contributed to this report.