Investors are optimistic CPI data will confirm inflation is easing
Investors seemed confident on Wednesday that the consumer price index (CPI), which is due out tomorrow, will confirm inflation is easing and encourage the Federal Reserve to slow the pace of interest rate hikes. The Dow added 268 points, while the Nasdaq scored a fourth consecutive gain -- its longest win streak since September, and the S&P 500 notched a healthy win of its own. Meanwhile, bond yields cooled, with investors rotating back into tech stocks.
Continue reading for more on today's market, including:
- Eli Lilly stock looks ready for a bounce.
- Why this retail stock in one of our 2023 top picks.
- Plus, checking in on 2 airline leaders; pharma giant extends rally; and why Biden's third year could be good to stocks.
5 Things to Know Today
- U.S. President Joe Biden asked Congress to unite and hold the tech sector accountable regarding protection of privacy, competition, and American children. (Wall Street Journal)
- The World Health Organization (WHO) said today the Covid-19 omicron XBB.1.5 variant does not have mutations currently known to make people sicker. (CNBC)
- How 2 airline stocks responded to grounded U.S. flights.
- FDA feedback blowing tailwinds for Biora Therapeutics stock.
- How Wall Street may benefit from Biden's third year in office.
There were no earnings of note today.
Gold Prices Bag Fresh Multi-Month High
Oil prices settled higher yet again on Wednesday to notch a fifth-straight win. Boosting black gold are expectations of strong oil demand in China and a weakening U.S. dollar, as well as fears of a price cap on refined products from Russia. February-dated crude rose $2.29, or 3.1%, to settle at $77.41 per barrel.
Gold prices bounced back to score another eight-month high, with traders keeping an eye on tomorrow's CPI data, which could support the precious metal. February-dated gold rose $2.40, or 0.1%, to settle at $1,878.90 per ounce.