Last Updated: 4:10 PM EST
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.66%, 0.61%, and 0.47%, respectively.
Earlier today, the Department of Labor released its Core PPI inflation report, which came in at 3.1% year-over-year and 0.3% month-over-month. In addition, yearly and monthly headline PPI figures were 2.4% and 0.2%, respectively. Interestingly, the monthly figures met expectations, while the yearly figures came in 0.1% above estimates.
The department also put out its Initial Jobless Claims report, which came in better than expected. In the past week, 217,000 people filed for unemployment insurance for the first time. Expectations were for 224,000 individuals.
In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.873 million. This was below the forecast of 1.88 million and lower than last week’s print of 1.892 million.
It’s worth noting that Continuing Jobless Claims have been on an overall uptrend since hitting record lows in September 2022, as the layoffs from large companies continue to impact the workforce.
First Published: 4:14 AM EST
U.S. stock futures were steady on Thursday morning as the post-election rally began to lose momentum. Futures on the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) were up 0.07% and 0.04%, respectively, at 3:38 a.m. EST, November 14, while the Nasdaq 100 (NDX) futures were down 0.02%.
In the previous trading session, major indices saw a mixed performance. The Dow Jones closed slightly higher, up 0.11%, while the S&P 500 gained a modest 0.02%. However, the Nasdaq Composite was down 0.26%.
The market’s performance was influenced by the October Consumer Index (CPI) data. While the inflation data met expectations, it also indicated that the central bank may need to maintain a hawkish stance.
In major news, Super Micro Computer (SMCI) declined 6.3% yesterday, after the company said it would not submit its fiscal first-quarter results on time. Also, Rocket Companies (RKT) was down 9.1% on weak Q3 results and soft guidance. In contrast, streaming giant Spotify (SPOT) gained 11.4% after reporting better-than-expected third-quarter results.
Moving to key economic reports, investors are looking forward to the release of the wholesale inflation data represented by the Producer Price Index (PPI). Experts predict that core PPI will rise 0.3% in October, compared to 0.2% in September. Additionally, Fed Chair Jerome Powell is set to deliver a speech in Dallas later today.
On the earnings front, Walt Disney (DIS), JD.com (JD), Applied Materials (AMAT), AST SpaceMobile (ASTS), and NetEase (NTES) will release their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.467%. At the same time, WTI crude oil futures trended lower, hovering near $68.4 per barrel as of the last check.
Elsewhere, European markets opened slightly higher today as investors weighed the possibility of another Fed interest rate cut in December, following the release of the latest U.S. inflation data.
Asia-Pacific Markets Traded Lower on Thursday
Asia-Pacific indices closed in the red today as traders evaluated the latest U.S. CPI data and its influence on the interest rate trajectory.
At the time of writing, Hong Kong’s Hang Seng index was down 1.96%. Moreover, Japan’s Nikkei and Topix indices finished lower by 0.48% and 0.27%, respectively. Also, China’s Shanghai Composite and Shenzhen Component indices fell 1.73% and 2.83%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.
