Last Updated: 4:51 PM EST
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Stock indices finished today’s trading session mixed. The Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) gained 0.11% and 0.02%, respectively. Meanwhile, the Nasdaq 100 (NDX) fell 0.16%.
Earlier today, the Department of Labor released its Core CPI report, which came in at 3.3% year-over-year and 0.3% month-over-month. In addition, yearly and monthly headline CPI figures were 2.6% and 0.2%, respectively. All of these metrics were in line with expectations.
Interestingly, Federal Reserve leaders believe that inflation is improving, but careful decision-making is still needed. Indeed, St. Louis Fed President Alberto Musalem pointed out that there’s a higher risk that inflation might not continue moving toward the 2% target. He thinks the Fed should keep interest rates high enough to control inflation and suggests that any future changes to interest rates should depend on new economic data.
Separately, Neel Kashkari, President of the Minneapolis Fed, believes that inflation is heading in the right direction but advises waiting before making any policy changes. He is confident that inflation is moving toward the 2% goal but wants to wait for more data in the coming weeks. Kashkari acknowledges that it might take one or two years for inflation to fully reach the target level.
First Published: 3:39 AM EST
U.S. stock futures traded lower on Wednesday morning as investors braced for the release of the October Consumer Price Index (CPI) report. This key economic data could impact market sentiment and influence the Federal Reserve’s monetary policy decisions. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.28%, 0.32%, and 0.24%, respectively, at 3:17 a.m. EST, November 13.
The stock market declined on Tuesday, with the Dow Jones down 0.86%. Also, the S&P 500 and the Nasdaq Composite fell 0.29% and 0.09%, respectively. This pullback came after a week-long rally, fueled by election optimism, which pushed major indices to record highs.
In major after-market action, Spotify (SPOT) surged 6.9% on better-than-expected subscriber growth in the third quarter. Further, Cava Group (CAVA) gained 14% after surpassing Q3 analysts’ estimates and raising its full-year outlook. On the other hand, Skyworks Solutions (SWKS) declined 3.3% after issuing a disappointing forecast for the fiscal first quarter.
On the economic front, investors are awaiting the CPI data to gain insights into inflation trends and potential future interest rate changes. Currently, economists expect headline inflation to rise by 0.2% in October.
Beyond the CPI, investors will also be monitoring the Producer Price Index (PPI) and retail sales data, scheduled for release later in the week. These reports will provide additional clues about the health of the U.S. economy.
In key earnings reports, UBS Group (UBS), Cisco (CSCO), Canoo (GOEV), CyberArk Software (CYBR), and Nuvei (NVEI) are set to report their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.437%. At the same time, WTI crude oil futures trended higher, hovering near $68.33 per barrel as of the last check.
Elsewhere, European markets opened slightly lower today as investors geared up for the release of key U.S. inflation data.
Asia-Pacific Markets Traded Mixed on Wednesday
Asia-Pacific indices were mixed today. Investors awaited key U.S. economic data and assessed the impact of Trump’s potential policies on Asian economies.
At the time of writing, Hong Kong’s Hang Seng index was down 0.08%. Moreover, Japan’s Nikkei and Topix indices finished lower by 1.66% and 1.21%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices gained 0.51% and 0.4%, respectively.
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