Wall Street is filled with volatility, although without major changes compared to Wednesday’s close, as investors seek to regain the post-election momentum that took the main indices to all-time highs.
The Dow Jones Industrial Average is down 32 points, or 0.8%. The S&P 500 fell 0.1%, while the Nasdaq Composite fell 0.2%.
Disney shares rise 9% after the media giant reported better-than-expected fiscal fourth-quarter results, boosting the Dow. The company benefited from strong growth in its streaming business, which boosted its entertainment segment.
These movements come after the October producer price index (PPI), released on Thursday, rose 0.2%, in line with the forecasts of economists surveyed by Dow Jones.
Wall Street: key market data
The PPI excluding food and energy rose faster than expected. The October Consumer Price Index (CPI), released on Wednesday, met expectations but still showed that the Federal Reserve’s fight against inflation is far from over. The CPI core index rose 0.3% for the third consecutive month, with an annual rate of 3.3%.
Investors are assessing whether the post-election rally, following Donald Trump’s decisive victory last week, still has room to continue after having taken major indices to new milestones. The Dow closed above 44,000 points for the first time on Monday, and both the S&P 500 and Nasdaq Composite reached new highs.
Courtney Garcia, senior wealth management advisor at Payne Capital Management, expects there is still room for growth, given the amount of money waiting from investors seeking more certainty about the U.S. economic outlook and the market.
“I don’t think the rally is necessarily ending in the short term, but with that new money to add, I think there are still a lot of other areas of opportunity with room to grow,” Garcia said Wednesday on CNBC’s “Closing Bell.”
Investors will also closely monitor Fed Chair Jerome Powell’s scheduled remarks on Thursday in Dallas, while the October retail sales report is due out on Friday.
Source: Ambito
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