CPI data for the month of October got here in tamer than expectations with the headline quantity rising by 0.0% month on month (versus expectations of 0.1%). The core measure rose by 0.2% (versus expectations of 0.3%). Although the year-on-year ranges are nonetheless above the two% targets at 3.2% and 4.0% respectively they’re effectively off year-ago ranges. The market is now pricing in Four price cuts in 2024.
The Russell 2000 index was the largest mover as we speak with a achieve of 5.44%. That was the biggest achieve since November 10, 2022 and much outpaced the 2023 largest achieve of three.561% from June 2, 2023.
A snapshot of the closing ranges for the opposite major indices reveals:
- Dow industrial common rose 489.83 factors or 1.43% at 34827.71
- S&P index rose 84.17 factors or 1.91% at 4495.71
- NASDAQ index rose 326.63 factors or 2.37% at 14094.37
Looking on the every day chart of the S&P index its excessive worth at 4508.67 obtained inside 2-Three factors of the low of a swing space between 4511.99 and 4541.25 (see chart under).
Looking on the NASDAQ index, it’s shifting nearer to its subsequent goal at 14149.62. The excessive worth as we speak reached 14124.06.
For the Russell 2000, it moved again above its 50-day shifting common at 1753.62, however stays under its 200-day shifting common at 1827.65 and 100-day shifting common at 18233.82. The achieve within the index as we speak took the value above its closing degree from 2022.
The Russell 2000 is now up 2.10%. By comparability, the
- NASDAQ index is up 34.66%,
- S&P index is up 17.09%, and
- Dow industrial common is up 5.07%.
25 of 30 Dow shares rose led by:
- Home Depot up 5.46%
- Walgreens up 4.56%
- Dow up 3.68%
- Goldman Sachs up 3.64%
- Intel +3.01%
The losers within the Dow included:
- Walmart -0.01%
- Procter & Gamble -0.22%
- Merck and Company -0.28%
- UnitedHealth -0.40%
- Travelers -1.39%
Some of the opposite massive winners out there included:
- First Solar, +11.43%
- AIRBnB +6.32%
- Tesla +6.12%
- Block +5.96%
- Goodrx +5.94%
- PNC +5.94%
- Ford, +5.86%
- Moderna, +5.54%
Some losers as we speak included:
- Celsius -3.48%
- RTX Corp, -1.66%
- Exxon Mobile, -1.65%
- Chubb, -1.16%
- Gilead, -0.28%
- Lockhead Martin -0.19%
- General Mills -0.02%