Stock market news live updates: Stocks climb after soft inflation print – Yahoo Finance

U.S. stocks rose Tuesday, climbing on the strength of fresh inflation data showing prices rose less than expected last month.
The S&P 500 (^GSPC) advanced by 0.7%. The Dow Jones Industrial Average (^DJI) added 0.3%, while the technology-heavy Nasdaq Composite (^IXIC) rose 1.0%.
Stocks fluctuated throughout the day, paring significant early gains in the session before ending comfortably in the green. The session’s jump came after data from the Bureau of Labor and Statistics showed prices in November rose 0.1% over the prior month and 7.1% over the prior year.
Tuesday’s data was seen by investors as potentially encouraging for the Federal Reserve to ease off its aggressive rate hikes early next year. The Fed could start down a slowing rate-hike path as soon as Wednesday, when it concludes its two-day policy meeting and will announce its latest hike.
“While this is the second consecutive month of softer-than-expected inflation, we don’t think this will change anything at tomorrow’s Fed meeting. We still expect a 50-basis-point hike, but what matters is guidance,” Gina Bolvin, President, Bolvin Wealth Management Group, wrote in a statement following the inflation data.
Following the inflation data and amid the subsequent stock rally, the dollar tumbled against most major currencies and bitcoin (BTC-USD) surged, rising as much as 5%.
Yields rose, with the yield on 10-year Treasury notes up as much as 9 basis points to around to 3.52% Tuesday after dipping to 3.45% earlier in the session.
Stocks had rallied Monday ahead of the inflation report, with the S&P 500 gaining 1.43% to kick off the new week, with energy, utilities, and tech outperforming.
The rally continued early Tuesday as the consumer price data came in cooler than expected: Economists surveyed by Bloomberg had expected headline CPI to rise 7.3% over last year and 0.3% over the prior month.
Meanwhile, core CPI, excluding volatile food and energy components, rose 6.0% year-over-year, down from the 6.1% annual increase seen in October. The data is the final piece of the puzzle before the Fed’s final policy meeting of 2022, at which the central bank is expected to raise its benchmark interest rate by another 0.50%.
“Indeed, we don’t get many days as important as the next two, and the US CPI today and the FOMC tomorrow are likely to be the difference between a big Santa Claus rally and a visit from Scrooge ahead of Christmas,” Jim Reid and colleagues at Deutsche Bank wrote in an early-morning note Tuesday.
In commodity markets, oil prices were higher, with WTI crude over 3% to around $75.41 per barrel, driven by China’s relaxation of COVID-related restrictions.
On the corporate news front, United Airlines (UAL) has placed an order for 100 of Boeing’s top-of-the-line 787 Dreamliners with options to purchase 100 more, according to a press release. Shares of United Airlines were down nearly 7% on Tuesday.
Meanwhile, JetBlue (JBLU) shares tumbled after the company warned that demand is shaping up worse than expected. Another stock under pressure was Tesla (TSLA), as a 4% plunge sent the EV maker’s market value below $500 billion.
Moderna (MRNA) shares soared Tuesday after the company’s mid-stage trial showed the combination of its experimental melanoma vaccine and Merck’s (MRK) immunotherapy Keytruda lowered the risk of skin cancer’s recurrence or death by 44%.
Elsewhere, in the crypto world, Sam Bankman-Fried, founder and former CEO of bankrupt crypto exchange FTX, was arrested on Monday in the Bahamas after the U.S. filed criminal charges.

The heavy selling pressure might have exhausted for Sorrento Therapeutics (SRNE) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
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A new study looked at the prices at several fast-casual and fast-food chains, and at how diners feel about the value offered relative to cost.
Berkshire Hathaway, for the first time in years, neither added a brand new position nor fully liquidated an existing holding in the fourth quarter.
Once positioning recovers, Q1 is in our view likely to mark the high point of the market, says JPMorgan, one of last year’s biggest bulls.
Palantir Technologies stock was surging Tuesday. Yes, Palantir (ticker: PLTR) posted its first-ever profitable quarter on a GAAP basis, but CEO Alex Karp also suggested that the company is attracting possible acquirers. “I think there’s going to be a lot of interest in us in buying our software and potentially in buying us,” Karp told analysts on a call after Palantir reported its earnings on Monday.
Well, the news is in, and it’s not as good as had been hoped. The inflation numbers for January showed a 0.5% month-over-month increase, and an annualized rate of 6.4%. Both numbers are higher than expectations – analysts had been looking for a 0.4% monthly rate, and a 6.2% year-over-year rate. So, what are the implications? The Federal Reserve will most likely stick to its guns on interest rate hikes, the central bank’s primary tool to combat inflation. It’s likely that the Fed will raise rates
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Being patient doesn’t always pay off.
Last year’s bearish trend has turned on a dime into 2023’s bull run, and the question now is, what next? One prominent name to wade in on the matter is billionaire Ken Fisher. With a history of decades-long investing success, Fisher knows a thing or two about market behavior. The Fisher Investments founder famously started his independent money management firm with just $250 in 1979, a company that is now a $197-plus billion going concern, while Fisher’s own net worth stands north of $5 billion.
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Devon Energy Corp (NYSE: DVN) shares are trading lower in Tuesday’s after-hours session after the company reported fourth-quarter results. What Happened: Devon Energy reported adjusted fourth-quarter earnings of $1.66 per share, which missed average analyst estimates of $1.75 per share, according to data from Benzinga Pro. Operating cash flow totaled $1.9 billion in the fourth quarter, up 18% year-over-year, resulting in $1.1 billion in free cash flow for the quarter. Devon Energy said productio
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If you’re looking for certificates of deposit, the interest rates on offer should be—here’s hoping—heading higher following the latest inflation numbers out Tuesday morning. You can already get 5% on a one-year CD if you shop around, and there should be more—and maybe better—on offer soon following the latest economic news, which has sent the money markets jumping around. January’s inflation data came in higher than expected, and the markets were surprised by the news, even though Federal Reserve Chairman Jay Powell had basically told them this was going to happen at his press conference a couple of weeks ago.
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Berkshire Hathaway Inc. revealed several changes to its stock portfolio in documents filed with the Securities and Exchange Commission Tuesday. Many investors follow the company’s moves closely because of Buffett’s remarkably successful investing record over the decades. Berkshire picked up nearly 21 million more shares in the iPhone maker during the final three months of last year to give it 915.6 million shares at the end of 2022.
Taxpayers could save on taxes because of a higher standard deduction and more generous thresholds for each bracket.



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