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Duc Do
Jan 27, 2023 1:51PM ET
Co nen moi nguoi oi
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Stocks head toward positive week as investors await Fed rate move
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks were rising, pushing the major indexes toward a positive week after economic data showed inflation slightly accelerated in December from the prior month.
At 10:33 ET (15:33 GMT) the Dow Jones Industrial Average was up 53 points or 0.2%, while the S&P 500 was up 0.2% and the NASDAQ Composite was up 0.5%.
The Federal Reserve's preferred measure of inflation accelerated slightly as expected in December from the prior month but eased over one year, according to the Commerce Department.
The core personal consumption expenditure price index, which excludes food and energy, inched higher by 0.3% last month from November, meeting expectations and slightly ahead of November's 0.2% gain. The December annualized reading of 4.4% was slightly below November's 4.7% reading, also meeting expectations.
Futures market traders are betting that the Fed will raise rates just one more time after next week’s meeting, pushing the terminal rate to 4.9%, which would be below the 5% or more Fed officials have targeted. The betting for next week’s meeting is a rate hike of one-quarter of a percentage point.
The major averages were on their way to a positive week after a slew of earnings and data showing a better-than-expected rise in gross domestic output for the last three months of 2022.
With earnings, results have been choppy. Intel Corporation (NASDAQ:INTC) shares slumped 7% after missing on the top and bottom lines and forecasting a weaker-than-expected first quarter. The chip maker cited a slump in demand and an uncertain economic outlook.
Hasbro Inc (NASDAQ:HAS) shares fell 4.9% after the toy maker announced plans to cut 15% of its workforce, or 1,000 jobs this year in a bid to cut costs. The company also released preliminary fourth-quarter results that fell short of expectations.
American Express Company (NYSE:AXP) shares jumped 9.7% after raising its earnings outlook for 2023.
Tech stocks have lifted the markets. The Nasdaq is up more than 3% so far this week, which would be its best performance since last summer. The S&P is up more than 2% this week.
Oil rose. Crude Oil WTI Futures were up 0.3% to $81.25 a barrel, while Brent Oil Futures rose 0.4% to $87.79 a barrel. Gold Futures were down 0.2% to $1,925.
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Comments (4)
me ish
Jan 27, 2023 11:33AM ET
Jerome will be seething - with the stock market shooting up - dumb money buying and smart money selling into the top of this rally, and financial conditions easing considerably over the past few months, Jerome is going to have hit the investor hard again - expect a 50 basis point hike - they need to prop up the dollar anyway, especially as OPEC plus are now offering to settle oil deals in currencies other than the USD - beginning of the end of the petrodollar!!!
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KYUNGHOON AHN
Jan 27, 2023 10:35AM ET
The other day powel's play was so cute when the inflation was a bit relieved, giggling with people with people. Cause it was too opposite.
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Apo Anu
Jan 27, 2023 10:27AM ET
spending is falling and AXP raising outlook really!!!
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me ish
Jan 27, 2023 10:27AM ET
First Last it bodes well for far higher and longer interest rates - inflation is back up in Australia and central banks around the world are still increasing rates significantly - to protect the USD from a total crash, Jerome needs a 50 basis point rise and hawkish tones next week
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First Last
Jan 27, 2023 10:27AM ET
me ish Most central banks have been slowing their pace of rate hikes. Canada yesterday became the 1st major central bank to say it would likely hold off on further increases for now. The US Fed may be the 2nd. Less major central banks in countries such as Indonesia have already held off on further hikes. Russia had even cut it's rate.
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me ish
Jan 27, 2023 10:27AM ET
sure, but I don't go for that - oil going higher, USD cannot afford to drop below current levels - it simply means imports from China with higher oil prices are going to be even more expensive against a weak dollar - so the FED has to support the USD - I'm on the side of Bullard - up to at least 5.5 and for the rest of the year - the market rally will fade very soon - it's all on low volume algo buying - suckers rally to suck in retail investors - dump coming next week or the next
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me ish
Jan 27, 2023 10:27AM ET
and EU and UK still going for 0.5 rate hikes and Australia likely to as well with their inflation ticking up significantly
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First Last
Jan 27, 2023 10:27AM ET
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