2023-12-12 22:58:58
U.S. Stock Diary | S&P Index has seen four consecutive rises in the past two years (Brendan McDermid/reuters)
The Wall Street stock market rose for four consecutive trading days. The three major stock markets once again showed lows and then highs. The S&P 500 index continued to hit a new closing high this year. During the trading period, it even rose to a high in January 2022. The Dow rose more than 320 points in two days. The U.S. consumer price index in November was in line with market expectations, increasing market confidence in loosening monetary policy.
Oil prices continued to be weak, with New York oil futures falling more than 4% at one point and closing below $70 a barrel again. The U.S. Energy Information Administration (EIA) lowered its forecast for U.S. and global oil prices and U.S. natural gas next year. The average price of Brent crude oil next year is expected to be US$82.57 per barrel, and the price of New Zealand crude oil is forecast to be US$78.07 per barrel, both of which are down more than 10% from the November forecast.
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Market conditions on December 12 (Tuesday)
l The Dow Jones index rose 173.01 points, or 0.48%, to 36,577.94 points.
l The S&P 500 index rose 21.26 points, or 0.46%, to 4,643.70 points.
l The Nasdaq index rose 100.91 points or 0.70% to 14,432.49 points.
l New York January oil futures closed at US$68.61 a barrel, down US$2.71 or 3.8%.
l New York February gold futures closed at $1,993.2 an ounce, down $4.4 or less than 0.1%.
l The U.S. 10-year Treasury bond yield closed at 4.206 percent, down 3.3 points.
Large-scale technology stocks fell across the board last day and experienced individual gains. Nvidia and Meta rose more than 2%, and Tesla fell 1.4%. Financial stocks generally performed well; oil prices were weak, and energy stocks underperformed the market. Among them, Exxon Mobil and Chevron fell more than 1%, and Marathon Petroleum and Occidental Petroleum, which announced large acquisitions, fell more than 2.5%.
Technology giant Oracle’s stock price fell more than 12% in one day as its second-quarter operating results were worse than expected. Macy’s was downgraded to “sell” by Citigroup and poured cold water on the company’s earlier consideration of acquisitions. The stock price fell 8%.
The consumer price index released on Tuesday was in line with expectations, leading the market to believe that the Federal Reserve does not need to tighten monetary policy. Traders currently generally expect the Federal Reserve to start cutting interest rates as early as March next year. The expected interest rate level at the end of the year is between 4% and 4.35%, which is equivalent to an interest rate cut of 1.25%. If the interest rate is cut by 25 basis points each time, it is equivalent to an interest rate cut. five times.
The U.S. Department of Labor announced that the Consumer Price Index (CPI) slowed from a year-on-year increase of 3.2% in October to 3.1% in November, the lowest level in five months, in line with market expectations. It rose 0.1% month-on-month, in line with market expectations. Core CPI inflation, which excludes food and energy, continues to be high. In November, core inflation remained at 4% year-on-year, in line with expectations. On a monthly basis, core CPI rose by 0.3%, higher than October’s 0.2% increase, also in line with expectations.
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