US Equity Indexes Rise as November Inflation Aligns With Expectations of Fed's Policy Easing Path

MT Newswires12-12

US equity indexes advanced after midday Wednesday, with the Nasdaq Composite scaling a new intraday record high after November's in-line inflation print showed glimpses of weakness in stickier areas. ...

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Communication services, consumer discretionary, and technology were the standout gainers intraday. Healthcare led the decliners.\n\n The consumer price index rose by 0.3%, ticking up from 0.2% each of the previous four months, the Bureau of Labor Statistics reported Wednesday. Annually, inflation accelerated to 2.7% from October's 2.6% pace. Both measures were in line with forecasts in a Bloomberg-compiled survey.\n\n Core CPI, which excludes the volatile food and energy components, stood unchanged at 0.3%. Annually, it came in at 3.3%. Both metrics matched consensus estimates.\n\n The price pressures were mostly in discretionary items, including motor vehicles, lodging away from home like hotels, and airfares, Oxford Economics said in a research note. There was also some softening in the stickier components of the inflation, including shelter, it said while adding that the \"disinflationary trend has room to run.\"\n\n Gold surged 1.4% to $2,755.32 an ounce, and silver climbed 0.7% to $32.97 an ounce, as the inflation print failed to reset market expectations of monetary policy in the weeks and months ahead.\n\n The probability of a quarter-point interest-rate cut during the Fed's monetary policy meeting next week jumped to about 95% by Wednesday afternoon from 89% a day earlier, according to the CME Group's FedWatch tool. \n\n US Treasury yields were mixed intraday, with the US 10-year up 2.9 basis points to 4.25% while the two-year fell less than one basis point to 4.14%.\n\n While the Dec. 18 Fed rate cut is all but baked in, the market isn't pricing significant easing next year. The FedWatch Tool shows the highest probability is that interest rates a year from now will be 3.75% to 4%, not too far off from the current range of 4.5% to 4.75% and unchanged from a day, week, and month ago. \n\n \"The November CPI report provided further evidence that inflation progress is becoming much more incremental, suggesting the [Federal Reserve's] fight of returning [to] 2% inflation is far from over,\" Thomas Feltmate, senior economist at TD Economics, said in a note. \n\n Given that some of the incoming Trump administration's policy proposals, including the potential for tariffs and tax cuts, are likely to add to the inflationary pressures, the Fed is \"likely to slow the pace of rate cuts and proceed much more cautiously in 2025,\" Feltmate said. \n\n In company news, Apple (AAPL) is working with Broadcom (AVGO) as it develops its first server chip specially designed for artificial intelligence, The Information reported Wednesday, citing three people with direct knowledge of the project. Shares of the semiconductor manufacturer jumped 5.6% intraday, among the top performers on the S&P 500 and the Nasdaq.\n\n China's top markets watchdog is pressing PDD Holdings (PDD) executives to fix its refund policy, a Bloomberg News report cited people familiar with the matter as saying. PDD shares dropped 2% intraday, the second-steepest decliner on the Nasdaq.\n\n West Texas Intermediate crude oil futures jumped 1.8% to $69.85 a barrel.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490890853"}