Inflation Moderates in November, Wall St Reacts
U.S. stocks closed higher as the major indexes reached new highs for the year, following the release of inflation data that did not significantly impact expectations for a rate cut by the Federal Reserve. The November Consumer Price Index (CPI) rose 3.1% on an annual basis, in line with estimates, while core prices matched expectations with a 4% annual rise. Traders have adjusted their rate cut expectations, with May now being targeted for the first rate cut of the year. The S&P 500 gained 0.46%, the Nasdaq Composite rose 0.69%, and the Dow Jones Industrial Average increased by 0.47%. Oracle slumped after forecasting third-quarter revenue below estimates, while the tech sector reached a record high and Alphabet dipped following Epic Games' win in an antitrust trial.
- Wall St rises modestly after inflation data, Fed on tap Reuters
- Inflation cools further in November as energy prices fall, housing costs remain sticky Yahoo Finance
- November CPI shows prices increasing at a slower rate MSNBC
- Inflation Gains: Core CPI Up 0.3% in Nov, Sustaining Fed's Rate Push Bloomberg
- Inflation, going in the right direction, is still twice as high as the Fed's target Washington Examiner
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