Wall Street today: US stocks edge higher after inflation data boosts rate cut hopes
At 11:26 a.m. ET, the Dow Jones Industrial Average was flat, the S&P 500 gained 0.77 per cent, the Nasdaq Composite gained 1.48 per cent
US stocks edged higher on Wednesday after November CPI inflation data boosted hopes for interest rates cut by the Federal Reserve later this month.
The Consumer Price Index (CPI) rose to 2.7 per cent in November from a year ago, up slightly from 2.6 per cent in October, the Labor Department said in a statement.
On a monthly basis, headline inflation rose 0.3 per cent, propped up by stubborn housing costs.
At 11:26 a.m. ET, the Dow Jones Industrial Average fell 9.26 points, or 0.02 per cent, to 44,238.61, the S&P 500 gained 46.31 points, or 0.77 per cent, to 6,081.22 and the Nasdaq Composite gained 291.54 points, or 1.48 per cent, to 19,978.78.
As of 10 am Eastern time, the S&P 500 gained 0.6 per cent, the Dow Jones
Industrial Average was down 0.1 per cent, and the Nasdaq Composite climbed 1.3 per cent.
At the opening bell, the Dow Jones Industrial Average rose 52.6 points, or 0.12 per cent, to 44,300.41. The S&P 500 rose 25.2 points, or 0.42 per cent, to 6,060.15, while the Nasdaq Composite rose 145.7 points, or 0.74 per cent, to 19,832.955.
In the bond market, the yield on the 10-year Treasury eased to 4.21 per cent from 4.23 per cent late on Tuesday. The 2-year Treasury yield fell to 4.11 per cent from 4.14 per cent.
Among the megacap stocks, Tesla edged up 1.8 per cent and Amazon.com gained 2 per cent.
Albertsons rose 0.5 per cent after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Kroger stock added 0.7 per cent.
Mondelez, the company behind Oreo, climbed 3.2 per cent after announcing a $9 billion buy back plan.
GameStop stock gained 5.2 per cent after the videogame retailer reported a profit for the third quarter.
Broadcom stock jumped 3.5 per cent following a report that Apple is developing its first server chip specially designed for artificial intelligence with the company.
Bullion
Gold prices gained on Wednesday after an inflation data came in line with expectations.
Spot gold climbed 0.3 per cent to $2,700.87 per ounce, as of 9:21 am ET (1421 GMT). US gold futures rose 0.6 per cent to $2,733.60.
Spot silver shed 0.3 per cent to $31.79 per ounce.
Crude oil
Oil prices rose on Wednesday after the European Union agreed on further sanctions against Russia's shadow fleet.
Brent crude futures were up 45 cents, or 0.62 per cent, to $72.64 a barrel by 10:46 a.m. ET. US West Texas Intermediate crude futures rose 61 cents, or 0.89 per cent, to $69.20.
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