Inflation Data May Contribute To Extended Upward Move On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 12 December 2023 09:32:05 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a modestly higher open on Tuesday, with stocks likely to extend the upward move seen over the past few sessions. The futures edged up slightly following the release of a highly anticipated Labor Department report showing U.S. consumer prices inched up in line with economist estimates in the month of November. The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations. Excluding food and energy prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices also came in line with estimates. The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent. The modest slowdown in yearly price growth may add to optimism about the outlook for interest rates ahead of the Federal Reserve?s monetary policy announcement on Wednesday. The Fed is widely expected to leave interest rates unchanged, but traders will be looking to the accompanying statement and projections for signs the central bank could begin cutting rates next year. Stocks turned in a relatively lackluster performance during trading on Monday but managed to end the day moderately higher. With the upward move, the major averages once again finished the session at their best closing level in well over two years. The major averages closed just off their highs of the session. The Dow climbed 157.06 points or 0.4 percent to 36,404.93, the Nasdaq edged up 28.51 points or 0.2 percent to 14,432.49 and the S&P 500 rose 18.07 points or 0.4 percent to 4,622.44. Overall trading activity was somewhat subdued ahead of the Federal Reserve's monetary policy announcement on Wednesday, although stocks continued to benefit from the optimism about the outlook for interest rates. With the Fed widely expected to leave interest rates unchanged, traders are likely to focus more closely on the central bank's accompanying statement and projections. Optimism the Fed could pivot to cutting interest rates as soon as March 2024 has contributed to recent strength on Wall Street, although last Friday's strong than expected jobs data has led to speculation the Fed could wait until May to begin lowering rates. "Markets are very bullish in pricing in four interest rate cuts next year, the first likely coming in May, something the FOMC is unlikely to line up behind," said Craig Erlam, OANDA Senior Market Analyst, UK & EMEA. He added, "The question is how much of a change we'll see from the September projections and to what extent the committee will push back against the markets." Among individual stocks, shares of Macy's (M) moved sharply higher following reports an investor group consisting of Arkhouse Management and Brigade Capital has offered to acquire the department store chain for $5.8 billion. Health insurer Cigna (CI) also surged after reportedly abandoning efforts to acquire rival Humana (HUM) and announcing a $10 billion increase in its share repurchase authorization. Semiconductor stocks moved sharply higher on the day, driving the Philadelphia Semiconductor Index up by 3.4 percent to its best closing level in almost two years. Considerable strength was also visible among networking stocks, as reflected by the 2.5 percent gain posted by the NYSE Arca Networking Index. Transportation stocks also showed a strong move to the upside over the course of the session, with the Dow Jones Transportation Average climbing by 1.2 percent. Meanwhile, gold stocks moved lower along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 1.1 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( Consumer prices in the U.S. inched up in line with economist estimates in the month of November, according to a highly anticipated report released by the Labor Department on Tuesday. The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations. Excluding food and energy prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices also came in line with estimates. The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent. At 1 pm ET, the Treasury Department is scheduled to announce the results of this month?s auction of $21 billion worth of thirty-year bonds. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of Oracle (ORCL) are moving sharply lower in pre-market trading after the database software company reported weaker than expected fiscal second quarter revenues. Toymaker Hasbro (HAS) may also come under pressure on news the company plans to lay off about 1,100 workers amid struggles with weak sales. On the other hand, shares of Zillow Group (ZG) may move to the upside after JMP Securities upgraded its rating on the real estate tech platform to Market Outperform from Market Perform. Wyndham Hotels & Resorts (WH) may also see initial strength after Choice Hotels CHH) announced it is commencing an exchange offer to acquire the company in order to present its proposal directly to shareholders. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks are seeing modest gains on Tuesday after data showed wholesale prices in Germany fell by 3.6 percent in November compared with the same month last year. Separate data showed British wage growth slowed more than expected in the three months to October, providing some encouragement for the Bank of England ahead of its final meeting of this year later this week. While the German DAX Index is up by 0.2 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 0.3 percent. AstraZeneca has moved to the upside after it agreed to buy Icosavax Inc, boosting its vaccine portfolio with an 'innovative' treatment for respiratory viruses. Hannover Re has also moved notably higher after the reinsurer said it expects higher earnings for full year. Carl Zeiss Meditec shares have soared after the medical technology company beat annual revenue expectations. Meanwhile, Headlam Group shares have plunged. The floor coverings distributor has agreed to a settlement with insurers for the Kidderminster building, which was destroyed by a fire in 2021. Online investment platform Hargreaves Lansdown has also plummeted after the U.K. regulator warned of possible intervention on client charges. Automaker Renault has also declined after saying it would sell 5 percent tranche of Nissan stake under a share buyback program. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks rose broadly on Tuesday, the dollar eased, gold ticked higher and Treasury yields held steady as investors awaited cues from key U.S. CPI report later in the day and the Federal Reserve's rate decision on Wednesday. The U.S. Federal Reserve is widely expected to hold rates, with investors awaiting Chair Jerome Powell's press conference as well as the central bank's dot plot and economic projections for additional clues on the Fed's rate trajectory. Inflation's broad slowdown is likely to extend through November, but the 2 percent inflation target is key to the Federal Reserve's vision for stable prices in the U.S. economy. Oil prices traded higher in Asian trading despite concerns over oversupply and demand. Chinese shares rose after China Literature, which publishes user-generated written stories online, announced a share buyback and unveiled plans to acquire Tencent's animation and comics unit. The benchmark Shanghai Composite Index settled 0.4 percent higher at 3,003.44, while Hong Kong's Hang Seng Index jumped 1.1 percent to 16,374.50. China Literature shares soared 13 percent in Hong Kong. Japanese shares ended mixed amid waning expectations for an imminent move by the Bank of Japan at its monetary policy meeting next week. The Nikkei 225 Index edged up 0.2 percent to 32,843.70, extending gains for a second straight session. The broader Topix Index closed 0.2 percent lower at 2,353.16, tracking the yen's strength. Banks such as Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial Group fell between 1.2 percent and 1.6 percent on concerns about prolonged low interest rates. The Bank of Japan said earlier in the day that the pace of growth in Japanese producer prices decelerated in November to the slowest in almost three years. Seoul stocks eked out modest gains, with the Kospi rising 0.4 percent to 2,535.27, extending gains for a third day running. Chipmakers and financial firms topped the gainers list on hopes that the Federal Reserve could achieve a soft landing of the world's largest economy. Australian markets advanced, led by banks and technology stocks. The benchmark S&P ASX 200 Index rose half a percent to 7,235.330, marking its third straight session of gains. The broader All Ordinaries Index ended 0.5 percent higher at 7,446.40. Across the Tasman, New Zealand's benchmark S&P/NZX 50 Index dropped 0.6 percent to 11,382.58 ahead of third-quarter GDP data due on Dec. 14. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are falling $0.67 to $70.65 a barrel after inching up $0.09 to $71.32 a barrel on Monday. Meanwhile, after slumping $20.80 to $1,993.70 an ounce in the previous session, gold futures are climbing $11.90 to $2,005.60 an ounce. On the currency front, the U.S. dollar is trading at 145.68 yen compared to the 146.16 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0778 compared to yesterday?s $1.0765. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49