He Fed’s preferred inflation marker showed that underlying prices, which exclude food and energy, rose 0.3%, as expected. This news supports the perception that inflation can be kept within the targets set by the Fed.
The New York stock market operates mixed this Friday, with the Nasdaq 100 and S&P 500 rising 1.3% and 0.4%, respectively, while the Dow Jones Industrial Average down 0.1%.
The rebound in Amazon shares is giving the Nasdaq Composite a boost to end a turbulent week. Amazon said late Thursday that its profit tripled from a year earlier, while Intel’s outlook beat Wall Street expectations. Shares of both companies rise in the session.
However, not all the news is positive in the financial world. JPMorgan shares fall about 2.5% after its chief executive, Jamie Dimon, announces plans to make his first substantial sale of the bank’s shares since he took over nearly two decades ago.
Wall Street: the reaction to the inflation data
Regarding inflation data, The personal consumption expenditure (PCE) index, a key measure of inflation, rises 0.4% in September, at the same pace as in August, but slightly above forecasts of 0.3%. Core CPI (excluding food and energy prices) increases 0.3% in the month, above the 0.1% in August, but in line with economists’ estimates.
In year-on-year terms, core CPI rises 3.7%, in line with consensus estimatesbut slightly below the 3.8% in August.
In addition to inflation data, Other economic indicators also influence the market. Surprisingly, third quarter GDP numbers turn out to be better than expected, while weekly initial jobless claims are higher than expected. These data contribute to improving investor sentiment.
Despite fluctuations in the markets during the weekthe three main stock market averages are heading to close the week in negative
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
