Delta gives stocks a lift, oil tops $ 101

US stocks posted modest gains in early trading as investors weighed a fresh report on record-high inflation against a basket of mixed first-quarter earnings.

Ticker Security Cargo Change Change%
I: DJI DOW JONES AVERAGES 34270.93 +50.57 + 0.15%
SP500 S&P 500 4408.7 +11.25 + 0.26%
I: COMP NASDAQ COMPOSITE INDEX 13490.960007 +119.39 + 0.89%

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.

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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 Cargo Change Change%
VALLEY DELTA AIR LINES INC. 40.21 +1.60 + 4.14%
EEL AMERICAN AIRLINES GROUP INC. 18.66 +1.52 + 8.90%
UAL UNITED AIRLINES HOLDINGS INC. 44.80 +2.07 + 4.84%
LUV SOUTHWEST AIRLINES CO. 45.73 +2.93 + 6.85%

JPMorgan’s quarter was more subdued as revenue and profits declined from the same period a year ago. The largest US lender posted a profit of $ 8.28 billion, or $ 2.63 per share in the first quarter, compared to $ 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.

Ticker Security Cargo Change Change%
JPM JPMORGAN CHASE & CO. 127.45 -4.05 -3.08%

AMC CEO ENGAGES IN MORE PARTICIPATION

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 Cargo Change Change%
AMC AMC ENTERTAINMENT HOLDINGS INC 17.90 +0.48 + 2.76%

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 Cargo Change Change%
PTON PELOTON INTERACTIVE INC. 24.33 +0.62 + 2.61%

US oil topped $ 100 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 Cargo Change Change%
USO UNITED STATES OIL FUND LP 77.11 +1.15 + 1.51%
BNO UNITED STS BRENT OIL FD LP UNIT 30.42 +0.61 + 2.05%

RUSSIA INVADES UKRAINE: LIVE UPDATES

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

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.

Bitcoin traded around $ 40,000.

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The Associated Press contributed to this report.

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