Futures on Wall Street Move Higher After Flat CPI Reading

CNBC survey respondents said they see interest rate cuts by mid-2024

Deputy Editor
Dec 12, 2023 at 9:05 AM
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Stock futures are higher Tuesday, as investors digest the latest consumer price index (CPI). The reading showed consumer price were flat in November, rising 0.1% month on month and 3.1% year over year, matching economists' estimates. The CPI readings, paired with a CNBC Fed Survey that showed respondents expect the central bank to cut interest rates by mid-2024, is bolstering investors' hopes that inflation is cooling. 

Continue reading for more on today's market, including: 

  • Consider these SPX strategies before the year ends.
  • FDA approval fails to lift therapeutics stock.
  • Plus, Oracle's earnings; Ford's production reduction; and Lucid's C-suite shakeup.

Futures Chart December 122023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 701,107 put contracts traded Monday. The single-session equity put/call ratio fell to 0.53, and the 21-day moving average dropped to 0.68.
  2. Oracle Corp (NYSE:ORCL) missed fiscal second-quarter revenue estimates, though the company said overall cloud revenue was up 25% year over year. Still, ORCL was down 9.7% before the open, set to cut into its nearly 41% year-to-date lead.
  3. Ford Motor Co (NYSE:F) was up 0.5% in premarket trading, after it was reported that the automaker will reduce the production of its F-50 Lightning electric vehicle (EV) pickup truck. The company expects to reduce production by half in 2024, though a spokesperson told Barron's that product will match demand. Year over year, F is down 11.8%.
  4. Lucid Group Inc (NASDAQ:LCID) sports a 3.5% premarket deficit, after the EV maker said its Chief Financial Officer Sherry House resigned effective immediately. Coming into today, LCID was already 32.5% lower year-over-year. 
  5. The Fed's final interest rate decision and more inflation data is due out this week.

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Overseas Investors Monitor Stateside Inflation Results

Asian markets edged higher on Tuesday, as investors looked ahead to stateside inflation data, as well as the Fed’s interest rate decision. Producer prices in Japan were also in focus, after showing a higher-than-expected 0.3% rise in comparison to last year. Japan’s Nikkei added 0.2%, while the South Korean Kospi and China’s Shanghai Composite each rose 0.4%. Elsewhere, Hong Kong’s Hang Seng paced the gainers with a 1.1% pop.

European markets are a mixed bag, with traders also monitoring U.S. economic data. France’s CAC 40 is slightly above breakeven with a 0.06% gain, the German DAX is 0.1% lower, and London’s FTSE 100 is up 0.3%.

 

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