Stock Market News Today: Stocks Rise After Revision to CPI Data
source link: https://markets.businessinsider.com/news/stocks/stock-market-news-today-stocks-inflation-data-revision-2024-2
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
US stocks rise after revised data shows inflation cooling at a faster rate
Angle down iconAn icon in the shape of an angle pointing down. A person shops in a grocery store as prices are displayed on October 12, 2023 in Los Angeles. Mario Tama/Getty Images
- Stocks climbed as CPI revision data showed inflation cooling faster than previously reported in December.
- December CPI was revised down to a 0.2% month-over-month increase from 0.3%.
- "It's good to know we don't have lingering concerns over whether the CPI is breaking away from what we've seen in the PCE."
US stocks rose on Friday as a revision December's data showed inflation is cooling at a faster pace than previously reported.
The S&P 500 topped 5,000, a closely watched milestone as the benchmark index continues to notch fresh gains in 2024. Stocks were headed for a fifth straight weekly gain.
December's consumer price index numbers were revised lower to a 0.2% month-over-month increase as opposed to 0.3% that was first reported last month. Meanwhile, fourth quarter core CPI data (which excludes food and energy prices) remained unchanged at an annualized 3.3% rate.
That's good news for investors waiting for a rate cut from a central bank that has their eyes glued to inflation.
The data revision is, however, small. Dana Peterson, chief economist of The Conference Board, said it's essentially a "nothing burger" — which is good news.
"It's good to know we don't have lingering concerns over whether the CPI is breaking away from what we've seen in the PCE [the core inflation measure]," she said.
Core inflation data was also up 0.2% month-over-month in December.
Investors now have their focus turned toward the next CPI release for January set to come out Tuesday, after a slew of Fedspeak has reiterated the need for more "good" inflation data, further pushing back on the idea that rate cuts are imminent.
Here's where US indexes stood shortly after 9:30 a.m. opening bell on Friday:
- S&P 500: 5,004.61, up 0.14%
- Dow Jones Industrial Average: 38,707.61, down 0.04% (-17.10 points)
- Nasdaq Composite: 15,852.06, up 0.36%
Here's what else is going on:
- The S&P 500 just cracked 5,000 points — but don't count on its stellar returns continuing.
- Commercial real estate investment plummeted to the lowest level since 2012 last year.
- Playing it safe is paying off in the stock market right now — a stockpicking hedge fund beat the S&P 500 in January.
- Passive investors have 'fundamentally broken' the market, David Einhorn said.
- The data that has powered the stock market rally is reversing and it's still possible the Fed raises rates before it cuts, one market vet said.
In commodities, bonds, and crypto:
- Oil prices rose, with West Texas Intermediate crude up 1% to $76.93 a barrel. Brent crude, the international benchmark, was up by 0.6% to $82.14 a barrel.
- Gold slipped 0.4% to $2,039 an ounce.
- The 10-year Treasury yield edged up one basis point to 4.187%.
- Bitcoin went up 3% to $46,882.65.
Read next
Recommend
-
1
Home ...
-
9
Home ...
-
11
11:32...
-
1
Yahoo Finance LIVE - December 8 AM
-
7
Stock market news today: Stocks rise after S&P 500 has worst week of 2023Here's what's moving markets on Monday, February 13, 2023. Yahoo Finance LIV...
-
8
Stock market news today: Stocks slide afte...
-
8
Home ...
-
4
Stock market news today: Stocks reverse hi...
-
2
Home ...
-
6
Home ...
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK