News Highlights: Top Global Markets News of the Day - Thursday at 11 PM ET

Title: Market Recap and Key Insights: Tech Stocks Propel Nasdaq to a New Record, Inflation Eases Slightly in Wholesale Prices

The US stock market closed with significant moves on Thursday, April 11, as the tech-heavy Nasdaq Composite reached a new record high, while the broader S&P 500 and Dow Jones Industrial Average also posted gains. The Nasdaq Composite, which is home to many technology and growth stocks, rose by 0.8% to close at 14,865.22, surpassing its previous record set on March 10, 2023.

Meanwhile, the S&P 500 gained 0.5% to finish at 4,553.25, while the Dow Jones Industrial Average added 0.3% to close at 34,648.54. The positive market sentiment was driven by a rebound in tech stocks, which have been under pressure due to concerns over rising interest rates and inflation.

Inflation concerns took a slight breather as the US Department of Labor reported that the producer price index (PPI), which measures the average change in prices received by domestic producers for their output, rose by 0.2% in March, below expectations of a 0.3% increase. This was a favorable surprise for investors, who have been closely monitoring inflation data following recent disappointing reports on consumer prices and producer prices.

The PPI report showed that the increase in prices was broad-based, with energy and food prices leading the way. However, the pace of increase was slower than in previous months, offering some relief to investors worried about the impact of inflation on corporate profits and consumer spending.

Furthermore, Federal Reserve Bank of New York President John Williams, who is a voting member on the Federal Open Market Committee, spoke about the economy and monetary policy in a virtual event hosted by the National Association for Business Economics. Williams reiterated his view that the US economy is on track for a strong recovery, but emphasized that the Fed will need to keep a close eye on inflation and adjust monetary policy accordingly.

In commodity markets, Brent crude oil, the international benchmark, settled at $78.93 per barrel, up by 0.6% on the day. The price increase was driven by ongoing concerns over supply disruptions in Libya and concerns over potential sanctions on Russian oil exports. Natural gas prices also rose, with the Henry Hub index up by 2.3% to $3.05 per MMBtu, as unseasonably cold weather in parts of the US continued to boost demand for heating fuels.

In other news, shares of Tesla Inc. (TSLA) rose by 3.5% after the electric vehicle maker reported stronger-than-expected earnings and revenue for the first quarter, driven by robust demand for its vehicles and growing revenue from its energy business.

Looking ahead, investors will be closely watching upcoming economic data releases, including the US employment report for March, which is expected to provide insights into the labor market's health and the pace of the economic recovery. Additionally, earnings reports from major companies, including Microsoft Corporation (MSFT), Amazon.com, Inc. (AMZN), and Alphabet Inc. (GOOGL), will provide insights into their financial performance and prospects for the future.

In summary, the US stock market closed with gains on Thursday, with the Nasdaq Composite reaching a new record high, as tech stocks rebounded and inflation concerns eased slightly following a favorable producer price index report. Federal Reserve officials continued to emphasize their focus on monitoring inflation and adjusting monetary policy as needed, while commodity prices remained volatile due to geopolitical and supply chain disruptions. Looking ahead, investors will be closely watching upcoming economic data and earnings reports for insights into the economic recovery and corporate performance.