Traders work on the floor of the New York Stock Exchange on November 12, 2024 in New York City.
Source: New York Stock Exchange
U.S. stocks were flat on Wednesday as investors looked to continue the post-election bull market after a major inflation report matched expectations.
of Dow Jones Industrial Average It rose by 72 points (0.2%). of S&P500 rose 0.1% with Nasdaq Composite.
The consumer price index accelerated slightly in October to an annual rate of 2.6%, in line with the consensus forecast of economists compiled by Dow Jones. Core prices, which exclude food and energy from the statistics, rose 3.3% last month, also in line with expectations. Federal funds futures trading after the inflation report suggested central bank policymakers are likely to cut interest rates again next month, according to the CME FedWatch tool.
“After an unseasonably warm fall, today's numbers allay concerns about an imminent slowdown in the pace of rate cuts,” said Lindsey Rosner, head of multisector fixed income investments at Goldman Sachs Asset Management. said.
teslawas one of the biggest post-election winners, rising again by 3%.
Major averages fell on Tuesday as the market took a breather from its post-election rally. The Dow Jones Industrial Average fell approximately 382 points (0.9%) across 30 stocks. The S&P 500 fell 0.3%, and the tech-heavy Nasdaq Composite Index fell 0.1%.
The moves followed a rally on Wall Street that sent stocks to record highs following the election of President Donald Trump last week. The Dow Jones Industrial Average closed above 44,000 for the first time on Monday, while the S&P 500 and Nasdaq Composite Index also set new records. The rally also extended to cryptocurrencies, with Bitcoin climbing above $90,000 on expectations that Trump would fulfill his many promises to the industry.
Other notable economic indicators to be released later this week include producer price index data and retail sales, which are expected to be released on Thursday and Friday, respectively.
