Global markets: US stocks mixed after inflation data, ahead of Fed meeting
Ahead of the US Federal Reserve’s last monetary policy meeting of 2023, US stocks were mixed at the open on Tuesday after the release of the inflation data.
The Dow Jones Industrial Average rose 37.17 points, or 0.10%, at the open to 36,442.10. The S&P 500 opened lower by 4.14 points, or 0.09%, at 4,618.30. The Nasdaq Composite dropped 9.48 points, or 0.07%, to 14,423.01 at the opening bell.
In November, the US Consumer Price Index (CPI) rose 3.1% on an annual basis and core prices, excluding volatile items like food and energy costs, rose 4% annually.
On a month-on-month basis, consumer prices gained 0.1% last month.
Investors widely expect the FOMC (Federal Open Market Committee) to hold interest rates steady at its meeting. The FOMC interest rate decision will be announced on December 13 and Fed Chairman Jerome Powell will address the media after the announcement.
In the week ahead, investors will also eye other economic data that include the producer price index, retail sales and industrial production.
On December 13, the producer price index (PPI) data for November will be released.
US retail sales data for November will be released on December 14 and industrial production data for November will be released on December 15.
On Monday, US stocks closed at new highs for the year. The Dow Jones Industrial Average rose 157.06 points, or 0.43%, to 36,404.93. The S&P 500 gained 18.07 points, or 0.39 %, to 4,622.44. The Nasdaq Composite gained 28.51 points, or 0.20 %, to 14,432.49.
In Europe, the STOXX 600 was flat.
Germany’s DAX slipped 0.1% while France’s CAC 40 gained 0.1%. Britain’s FTSE 100 added 0.3%.
In Asian stock markets, Hong Kong’s Hang Seng Index rose 1.1% to 16,374.50. China’s Shanghai Composite added 0.4% at 3,003.44. Japan’s Nikkei 225 gained 0.2% at 32,843.70.
Oil prices fell on Tuesday on concerns over excess supply and slowing demand growth.
Brent crude futures for February fell 56 cents, or 0.7%, to $75.47 per barrel by 1257 GMT, while US West Texas Intermediate crude futures for January delivery slipped 47 cents, or 0.7%, to $70.85.
Gold price edged higher on weak US dollar. It was last up 0.4% at $1,988 an ounce. while Brent crude futures fell 0.4% to $75.70 a barrel.
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Published: 12 Dec 2023, 09:01 PM IST
