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Stock Market Today: Dow closes higher as inflation data, Fed meeting eyed

Published Dec 11, 2023 07:12AM ET Updated Dec 11, 2023 04:07PM ET
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Investing.com -- The Dow closed higher on Monday, extending recent gains as investors looked ahead to a crucial week of market-moving events including fresh inflation data and the Federal Reserve's two-day meeting slated for Tuesday.

By 16:00 ET (21:00 GMT), the benchmark S&P 500 was up 0.3% and 30-stock Dow Jones Industrial Average gained 0.43%, 157 points, with both indexes notching an intraday high. The tech-heavy Nasdaq Composite rose 0.20%.

Inflation, Fed meeting in spotlight

The Federal Open Market Committee is tipped to hold rates at their current range of 5.25% to 5.50% on Wednesday. Much of the focus will likely be the Fed's projections for the economy, inflation, and the number of cuts expected next year.

The meeting will arrived on the heels on fresh consumer inflation data expected to show ongoing slowing in price pressures.

Comments from Fed chair Jerome Powell will also be garnered for a potential push back on market expectations for a sooner rather than later rate cut.

In the wake of last week's jobs data and separate numbers showing the slowest annual rise in underlying price gains in two years in October, markets are now pricing in a nearly 50% chance of a quarter-point rate decrease in borrowing costs as soon as May, according to Investing.com's Fed Rate Monitor Tool.

Cigna scraps Humana tie-up talks

U.S. health insurer Cigna (NYSE:CI) has ended its drive to acquire peer Humana (NYSE:HUM), according to multiple media reports, pulling the plug on a deal that would have created an insurance behemoth worth over $140 billion.

The reports said neither Cigna nor Humana could agree on a price, while regulatory concerns and a fall in their share prices are also believed to have soured sentiment for a deal.

The abandoned talks come as Connecticut-based Cigna announced that it is aiming to roll out an additional $10B in share buybacks.

Macy's jumps on buyout fever

Macy's (NYSE:M) shares also surged more than 19% after the department store retailer reportedly received a $5.8 billion buyout offer from real estate-focused investing business Arkhouse Management and global asset manager Brigade Capital Management.

The investor group proposed a price of $21 per share for the department store operator, unnamed sources familiar with the matter told the Wall Street Journal. The offer represents a premium of roughly 21% based on Macy's closing stock price of $17.39 on Friday.

Big tech takes a breather as Treasury yields creep higher; Chip stocks climb

Big tech stocks were the biggest laggard on the day, paced by a more than declines in Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc Class A (NASDAQ:GOOGL), though a sharp jump in semiconductor stocks kept a lid on losses.

Globalfoundries Inc (NASDAQ:GFS), Applied Materials Inc (NASDAQ:AMAT), and Broadcom Inc (NASDAQ:AVGO) led chips higher, with the latter up more than 8% after Citi resumed coverage on the chipmaker with a buy rating.

Occidental Petroleum in deal for CrownRock as consolidation in energy continues

Occidental Petroleum Corporation (NYSE:OXY) said Monday it agreed a deal to buy shale oil driller Crownrock for $12B as the oil major seeks to expand its presence in the Midland basis.

The move underscored an ongoing consolidation in the energy sector following Exxon Mobil (NYSE:XOM)'s $6B takeover deal for shale rival Pioneer Natural Resources (NYSE:PXD) earlier this year.

Elsewhere in the energy sector, Hess Corporation (NYSE:HES) and Baker Hughes Co (NASDAQ:BKR) were among the top gainers, up more than 1% even as oil prices traded sluggish amid cautious trading ahead of the Fed meeting this week.

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(Scott Kanowsky contributed to this report.)

Stock Market Today: Dow closes higher as inflation data, Fed meeting eyed
 

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Comments (21)
elliot trach
elliot trach Dec 11, 2023 8:29PM ET
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Some people here are too driven by daily news, day-to-day news, rather than broader trends. And expecting the market to react on some one news item, when really there are an agglomeration of different influences at work, domestic and foreign, etc. You expect that stock market should react only to your chosen bit of data. There are innumerable factors including economic, political, macro, micro, social, foreign and domestic, sentimental, trends......at work l, each having innumerable factors. And also, you are not in charge---it does not have to do what you want.
Maximus Maximus
Maximus Maximus Dec 11, 2023 8:29PM ET
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well.. according to the rightwing cultists, everything, whatever it might be, is Biden and the feds fault...
Dec 11, 2023 8:29PM ET
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Correct
Brent Phillips
Brent Phillips Dec 11, 2023 8:29PM ET
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and just a few years ago everything was Donald Trump's fault. See how easy that is? You have no moral high ground here. just stick to investing.
First Last
First Last Dec 11, 2023 8:29PM ET
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Brent Phillips   I don't recall having seen anyone blame everything on Trump.  That's much more rare than retrumplicans blaming everything on Biden, and Hillary before him, and Obama before her, etc.
Tom Karia
Tom Karia Dec 11, 2023 4:54PM ET
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I need more information about your product
Vikings Norway
Vikings Norway Dec 11, 2023 4:15PM ET
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what has this to do with comming inflation data and FED meeting?
Mitchel Pioneer
Mitchel Pioneer Dec 11, 2023 3:34PM ET
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Nothing to see here folks...Just another criminal display of FRAUD and MANIPULATION in the BIGGEST INVESTMENT JOKE IN THE WORLD.
Tanner Fervida
Tanner Fervida Dec 11, 2023 2:15PM ET
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Lol china just cyber hacked the united states badly but thats bullish for stocks? Why dont you guys talk about the fraud. We just got hacked badly but S&P and QQQ is rallying? All the major tech stocks are down bad but QQQ us up almost $4. Lol what a joke. Lies lies lies
Stan Smith
Stan Smith Dec 11, 2023 2:15PM ET
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Everything is bullish for stocks especially FED meetings...there's really nothing else to be said
First Last
First Last Dec 11, 2023 2:15PM ET
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Impossible for "All the major tech stocks are down bad but QQQ us up".  You're lying.
Ronald Warren
Ronald Warren Dec 11, 2023 2:15PM ET
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First Last First/Last. Sorry, but he's right. QQQ has been way out in front of NASDAQ all day. I just checked. NASDAQ up .10% and QQQ up .81%.
First Last
First Last Dec 11, 2023 2:15PM ET
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Ronald Warren   MSFT is down  < 1%, so not "down bad".  Major tech stocks like TSM, AVGO, ORCL, ADBE, AMD, INTC, NFLX, etc. are green today.  Generally, large cap underperformed today, but that's not what Tanner said.  He said "all" and "bad".
dylan mulvaney
dylan mulvaney Dec 11, 2023 2:13PM ET
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Let's see how the stock market handles the housing market collapse.
Casador Del Oso
Casador Del Oso Dec 11, 2023 2:13PM ET
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I heard some people think this time is different. LOL
dylan mulvaney
dylan mulvaney Dec 11, 2023 2:13PM ET
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Mixed? The market is up 10% just over the past month alone. They have added trillions to market valuations despite P/Es not seen since the last market collapse. Do you all seriously think this market is just going to pump 60% YTD without a massive implosion going into 2024 election year?
Kevin Pe
Kevin Pe Dec 11, 2023 2:02PM ET
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Market fully priced in inflation at 2% and interest rates back to zero all before the first rate cut
Casador Del Oso
Casador Del Oso Dec 11, 2023 1:49PM ET
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Bond yields rising as stock market declares victory over inflation. Inverted yield curves pretty much meaningless because this time is different.
First Last
First Last Dec 11, 2023 1:49PM ET
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Bond yields have been dropping for 2 months.  This time IS different; in the past, we would've already be in recession with yields as inverted as it has been in current case.
Casador Del Oso
Casador Del Oso Dec 11, 2023 1:49PM ET
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Wow. Somebody actually believes this time is different. Housing market and freight industry already in recession. It's taking longer because government has pumped so much money into the economy during the last 2 years.
First Last
First Last Dec 11, 2023 1:49PM ET
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Casador Del Oso   I specified WHY it's different.
First Last
First Last Dec 11, 2023 1:49PM ET
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And both US money supply and Fed balance sheet have been in decline for > a year.
Casador Del Oso
Casador Del Oso Dec 11, 2023 1:47PM ET
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Victory over inflation already priced in.
 
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