Market Climbs on CPI Inflation and Likelihood of Rate Cuts | Livestock

Kevin Travers joined discussion · Dec 11, 2024 23:47

Market Climbs on CPI Inflation and Likelihood of Rate Cuts | Livestock

Happy Wednesday, December 11th. The market climbed Wednesday, with a fresh Nasdaq all-time trading high after 10:10 am, all after CPI Inflation came in right as expected. The index sits 50 points away from a symbolic, cool-looking high of 20,000 points.

$Macy's (M.US)$ reported earnings Wednesday morning, coming in lower than hoped, while the firm cut its forward guidance expecting weak holiday shopping. Macy's had delayed its reporting about two weeks while investigating a $151M accounting fraud that the firm said a single employee perpetrated to cover up booking mistakes. Macy's net sales fell 2.4% to $4.7 billion. Sales at stores open at least a year declined 2.4%. Net income fell to $28 million from $41 million a year earlier.

$GameStop (GME.US)$ climbed 5% Wednesday with a report Tuesday of a swing to profit, overestimates of a single-digit cent loss. The once top meme stock reported a climb in net income to $17.4M, but a 20%+ fall in net sales was at $0.86 billion for the period, compared to $1.078B last Q3.

Though unaffecting stock prices, multiple food and beverage giants were sued in Philadelphia by a defendant who alleges brands like $Coca-Cola (KO.US)$ and $General Mills (GIS.US)$, $WK Kellogg (KLG.US)$conspired to produce addictingly unhealthy foods that contributed to his childhood type 2 non-alcoholic diabetes, according to a London Stock Exchange Report.

Within industry themes tracked by moomoo, crypto climbed 5% as tracked by moomoo, with $Bitdeer Technologies (BTDR.US)$ climbing 15% in early trading.

Elsewhere in the economy, $Crude Oil Futures(MAR5) (CLmain.US)$ it remained at $69. Gold fell, andthe two year yeild fell while other treasuries climbed. $Bitcoin (BTC.CC)$ climbed past $100k.

Overall, the market climbed Wednesday, and records are within reach.

Just past 11:12 am ET the $S&P 500 Index (.SPX.US)$ traded +0.72%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.10%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.42%.

The US annual inflation rate increased for the second consecutive month, reaching 2.7% in November 2024, up from 2.6% in October, aligning with forecasts.

Core CPI, which excludes volatile items, remained steady at an annual rise of 3.3% and a monthly increase of 0.3%, consistent with October's figures and expectations.

The CME FedWatch tool indicates that following the CPI announcement, the market has priced in a 97.7% probability of a 25 basis point rate cut at the December FOMC meeting.

Yesterday, users argued about the universe and the nature of reality in my podcast chat section, I love it. If not anything else we can all agree we know nothing about how and why we are here--

Traders, what do you think? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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