Stock Market Today: Live Updates
- * S&P 500: Up about 1%, reached a new all-time intraday high, exceeding 6,800 for the first time.
- * Monthly: Rose 0.3% * Annual: 3% (below the expected 3.1%) * Core CPI (excluding food & energy): 0.2% monthly, 3% annually (below the expected 0.3% and...
- * Bank stocks: Rose due to hopes of economic stimulus from rate cuts.
HereS a breakdown of the key information from the provided text:
Market Performance:
* S&P 500: Up about 1%, reached a new all-time intraday high, exceeding 6,800 for the first time.
* Nasdaq Composite: Climbed 1.3%, also reached a new all-time intraday high.
* Dow Jones: On pace to close above 47,000 for the first time.
Inflation Data (September CPI):
* Monthly: Rose 0.3%
* Annual: 3% (below the expected 3.1%)
* Core CPI (excluding food & energy): 0.2% monthly, 3% annually (below the expected 0.3% and 3.1% respectively).
Federal Reserve (Fed) Expectations:
* Traders increased bets on rate cuts.
* December Cut: Odds jumped to 98.5% from 91%.
* Next Week’s Cut: Odds remained above 95%.
Sector Performance:
* Bank stocks: Rose due to hopes of economic stimulus from rate cuts.
* Specific Bank Stocks Mentioned: jpmorgan (JPM), Wells Fargo (WFC), Citigroup (C).
In essence, the article reports positive market reactions to lower-than-expected inflation data, leading to increased expectations of interest rate cuts by the Federal reserve. This boosted bank stocks and drove major market indexes to record highs.