November 14, 2023

2023-11-14 14:14:37
(For a live Archyde.com blog on U.S., U.K. and European stock markets, click LIVE/Major U.S. stock indexes were on track for big gains at the open on Tuesday following inflation data colder than forecast strengthened expectations that the Federal Reserve was finished raising interest rates. Data showed that U.S. consumer prices remained unchanged in October due to lower gasoline prices, and l Core inflation has shown signs of slowing. In the 12 months to October, the CPI rose 3.2% following rising 3.7% in September, as economists polled by Archyde.com forecast a up 3.3% year-on-year. Core prices, which exclude the volatile components of food and energy, rose 4.0%, lower than economists’ estimates of a increase of 4.1%. “We’re pleased that headline CPI and core CPI came in lower than expected. That tells us the Fed is done, that they have no more business here,” said Thomas Hayes, chairman of the Fed. hedge fund Great Hill Capital in New York. “You have to keep an eye on the risk of deflation, but for now, this is the ideal situation. This is what the Fed was looking for, a slowdown in inflation, a slowdown in the job market and “The economy is holding steady at the same time.” Following this data, traders wiped out bets on the Fed continuing to raise borrowing costs and bet on rate cuts starting next month. may. U.S. Treasury yields fell following the data, with the two-year yield US2YT=RR, which best reflects expectations for short-term interest rates, falling to 4.872%, its lowest level in two weeks . US/ This had the effect of sending shares of growing megacapitals such as Nvidia NVDA.O, Alphabet GOOGL.O, Amazon.com AMZN.O and Tesla TSLA.O up 1.8% to 4.3% in pre-market trading. Wall Street’s major indexes saw a strong rebound in November, driven by a season of better-than-expected earnings and expectations that U.S. interest rates were near their peak. The gains came even as Fed Chairman Jerome Powell left the door open last week for further policy tightening if progress toward the Fed’s 2% inflation target falters. . Fed Vice Chairman for Supervision Michael Barr is scheduled to testify before the Senate Banking Committee, while investors will analyze comments from Cleveland Fed President Loretta Mester and the head of the Fed Chicago, Austan Goolsbee, later today. Attention is also focused on U.S. lawmakers’ negotiations over a funding bill, as lawmakers face a weekend deadline to fund the federal government. House Speaker Mike Johnson said Tuesday at the address that he believes the House will pass a short-term budget bill to avoid a partial government shutdown starting Saturday. As of 8:53 a.m. ET, the Dow e-minis 1YMcv1 was up 390 points, or 1.13%, the S&P 500 e-minis EScv1 was up 64.5 points, or 1.46%, and the Nasdaq 100 e-minis NQcv1 was up 287.25 points, or 1.85%. Shares of Snap Inc SNAP.N rose 6.6% following news that Amazon.com AMZN.O will allow Snapchat users in the United States to purchase certain products listed on the e-commerce company directly from of social media app. Home Depot HD.N gained 2.2% following the U.S. home improvement chain beat quarterly profit estimates and posted a smaller-than-expected decline in comparable sales, benefiting from a shift in customer behavior that favor small projects and essential repair work. Fisker FSR.N fell 16.8% following the electric vehicle startup cut its 2023 production forecast as it struggles to increase deliveries and flagged weaknesses in controls internal financial reporting.
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