Swooshed. $Nasdaq100 Bull 3X ETF(TQQQ)$
When it comes to markets, there hasn't been much to complain about for the last two months. Stocks on Friday capped their eighth-straight week of gains. For the S&P 500, it's the longest weekly winning streak since November 2017.
This morning, investors got more good news about inflation, with the personal consumption expenditures index, or PCE, declining by 0.1% from October to November. It's the first month-to-month decline in the index since April 2020. The core version of the PCE, which excludes food and energy and is closely tracked by the Federal Reserve, was up 3.2% from a year ago, below economists' forecast for a 3.4% rise.
A muted reaction from stocks suggests that investors have already priced in much of the disinflation news. The S&P 500, up just 0.2% today, had gained 2.2% over the previous seven trading sessions.
Still, the PCE data released this morning should be seen as good news by economists, market strategists, and Fed watchers.
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