#YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
To get the latest market news check out finance.yahoo.com
US stocks closed mixed on Wednesday as investors weighed fresh consumer inflation data that looked to keep the Federal Reserve on pace for another rate cut next month.
The tech-heavy Nasdaq Composite (^IXIC) reversed earlier gains to close down about 0.3% while the benchmark S&P 500 (^GSPC) finished the day just above the flatline. The Dow Jones Industrial Average (^DJI) moved about 0.1% higher.
Meanwhile, bitcoin (BTC-USD) prices continued their move to the upside, briefly touching a new milestone earlier Wednesday after topping a record $93,000 before paring gains.
Consumer prices rose largely as forecast in October, with the Consumer Price Index rising 2.6% year over year and 0.2% on a month-over-month basis, both meeting forecasts. Rises in "core" inflation — of 3.3% year over year and 0.3% month over month — also met estimates.
Inflation has taken center stage again after the post-election rip higher hit a wall. The FOMO market lost some mojo Tuesday as it pondered whether President-elect Donald Trump’s policies could boost inflation and the economy. That has helped push Treasury yields higher, promising higher borrowing costs all around.
The report appears to keep the Federal Reserve on track for a December rate cut. Minneapolis Fed president Neel Kashkari told Yahoo Finance that inflation data was the key focus for the central bank in the weeks ahead, saying at Yahoo Finance’s Invest conference that any surprise to the upside "might give us pause."
According to the CME FedWatch tool, over 80% of traders expect a rate cut in December.
For more on this article, please visit:
https://finance.yahoo.com/news/live/stock-market-today-tech-lags-as-inflation-print-keeps-fed-rate-cut-on-track-210122304.html
