Stock prices dipped as the dollar strengthened on Thursday, ahead of U.S. inflation data that will influence the Federal Reserve’s interest rate plans.
Stella Qiu and Alun John for Reuters:
Sky-high inflation has caused the Fed to raise rates aggressively this year, a process that has boosted the dollar and caused U.S. Treasuries and shares around the world to sell off sharply.
The release of U.S. CPI data, due at 1330 GMT, is the main event of the day for markets as investors try to position themselves based on when and at what level they think U.S. interest rates will peak.
Markets are currently pricing in a 54% chance of a 50-basis-point increase at the Fed’s December meeting, according to CME’s Fedwatch tool, with still a good chance of a 75-basis-point rise. Expectations for future meetings are divided.
The U.S. dollar firmed on Thursday, with the euro dipping 0.6% to $0.9947 while the yen was steady 146.45 per dollar…
[Meanwhile], Republicans were edging closer to securing a majority in the U.S. House of Representatives while control of the Senate hung in the balance.
Another factor for markets is that China is again grappling with a COVID-19 surge, with the southern metropolis of Guangzhou reporting thousands of cases. Apple Inc supplier and iPhone assembler Foxconn said on Thursday it expected flattish revenue in the fourth quarter, as the company grapples with COVID curbs at a major factory in China’s Zhengzhou industrial hub.
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Dow rallies 800 points as new data raises hope that U.S. inflation may be peaking 10:20 am
That’s why they call it….GAMBLING!
As Barry said, elections have consequences.
Now if we can only get you to believe in Barry and elections…
Inflation on the way down.
Dark Brandon kicks Trump’s butt and now has Trumpty Dumpty scared to run, and his rich backers scared to donate.
Dow surges 1,000 points after lighter-than-expected U.S. inflation data – 2:12pm
WOW!
Trump should run. No doubt about it. Trump is the only one who can fix it.
Headline reads: “Dow scores 1,200-point gain as stocks stage biggest one-day rally since 2020”
The market has spoken, all hail the mighty dollar.
Perhaps it does really take red, white, and blue to forge a prosperous nation … not just off the charts extreme red.