S&P 500, Nasdaq fall for a third day, reversing earlier gains, after report shows highest inflation since ’81; European stocks close lower after U.S. inflation print; banking stocks fall; Deutsche Bank tanks 9% 
Stocks fell on Tuesday, after an early morning bounce gave way to selling as investors weighed the latest U.S. inflation data. The report showed another sharp increase in prices for last month. 
The S&P 500 declined 0.34% to 4,397.45, and the Nasdaq Composite fell 0.30% to 13,371.57, as both averages posted losses for a third trading day. The Dow Jones Industrial Average closed 87.72 points lower, or 0.26%, to 34,220.36. 
Consumer prices in March surged 8.5% from a year ago, slightly higher than expected and at their highest levels since 1981, according to data from the Labor Department on Tuesday. Meanwhile, core CPI — which excludes food and energy prices — rose less than expected; it climbed 0.3% in March, while economists polled by Dow Jones expected a gain of 0.5%. Core prices on an annual basis were up 6.5%. 
Tuesday’s moves took place amid a surge in oil prices, as China eased up on Covid lockdowns that would have hurt demand. The international benchmark Brent crude jumped 6.26% to settle at $104.64 per barrel. Meanwhile, West Texas Intermediate crude futures gained 6.69% to settle at $100.60 per barrel. 
Energy stocks tracked oil prices upward. Occidental Petroleum jumped 2.1%. Devon Energy gained 3.7%. Marathon Oil popped about 4.2%, and Chevron spiked nearly 2.1%. 

The pan-European Euro Stoxx 600 index provisionally ended 0.3% lower after clawing back some earlier losses. 
The German DAX dropped 0.5% with the banking sector falling 1.5%. Reports on Monday indicated that an undisclosed investor had sold large stakes in Germany’s biggest lenders, Deutsche Bank and Commerzbank. 
Shares of Deutsche Bank were down 9.4% and Commerzbank was down 8.5%. The former said in statement that it remained “confident in our strategy.” The reports said the sale amounts to 116 million shares of Deutsche Bank and 72.5 million shares of Commerzbank — more than 5% of the two German banks. 
Source: CNBC, Investing.com