Thanksgiving stuffing mix is sold at a grocery store on November 24, 2024 in Encinitas, California.
Mike Black | Reuters
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Inflation picks up in October
Personal consumption expenditures price index in October It rose 0.2% for the month and 2.3% over the 12 months. according to The request was made to the U.S. Commerce Department on Wednesday. Core inflation rose 0.3% this month to an annualized rate of 2.8%, up from 2.7% in September. All data are in line with Dow Jones consensus estimates.
U.S. markets break out of gains
U.S. stocks fell on Wednesday, with the S&P 500 ending a seven-day winning streak. Bond prices rose as Treasury yields fell. Pan-European Stoke 600 down 0.19%. shares Only takeout The Anglo-Dutch express company said it will delist from the London Stock Exchange next month, sending its shares down 2.7%.
Bitcoin rebounds
Bitcoin The stock was up 5.4% at $96,169.36 as of Thursday morning, rebounding from weekly lows around $90,700. It’s worth noting that Bitcoin’s trend is inverse to the U.S. index that fell on Wednesday. “The Bitcoin bull run is supportive,” Alex Thorn, head of company-wide research at Galaxy Digital, wrote in a report on Wednesday.
Tariffs on European auto industry?
The euro zone may be concerned that U.S. President-elect Trump will soon announce tariffs on the euro zone auto industry. “The industry is ultimately related to the steel industry and the chemical industry, so the entire supply chain is involved,” said Rico Luman, senior sector economist for transport and logistics at ING.
(PRO) Gorgeous Financial Stocks
Despite all the buzz about the “Big Seven” stocks, financials have been the best-performing category so far in 2024.
bottom line
Preparing for a hearty dinner of turkey, stuffing and pumpkin pie, U.S. investors kept trading interest light.
this SPDR S&P 500 IndexExchange-traded funds, which track broad-based indexes, saw about 22.6% fewer shares traded than their 30-day average.
So even Standard & Poor’s fell 0.38%, breaking seven consecutive gains Dow Jones Industrial Average Down 0.31%, these measures do not appear to be mass panic-induced selling.
Instead, traders appeared to be thanking Big Tech stocks for their gains this year by taking profits, which led to Nasdaq Index The decline was relatively large, at 0.6%.
The fact that U.S. inflation rose 0.1 percentage point on an annualized basis from last month didn’t seem to unsettle investors too much, possibly because it wasn’t an unexpected increase.
In fact, traders have increased their bets that the Fed will cut interest rates by 25 basis points at its December meeting. According to market forecasts, the probability of this happening is 64.7%, up from 55.7% a week ago. CME FedWatch Tool.
“Today’s data should not change views on the likely path of deflation, however bumpy it may be,” said David Alcaly, chief macroeconomic strategist at Lazard Asset Management.
Scott Helfstein, head of investment strategy at Global
Investors can also get involved in the celebrations. Chris Verrone, director of technical and macro research at Strategas, said more than three-quarters of stocks in the S&P were above their 200-day moving average, indicating a stable upward trend and that the market “remains solid.”
There is much to be thankful for this Thanksgiving.
—CNBC’s Jeff Cox, Scott Schnipper, Alex Harring and Sean Conlon contributed to this report.
About The Author
