U.S. Markets Daily Market Snapshot - 12 Dec. 2023

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U.S.stocks began the week on a bullish note, with major indices closing higher as investors brace for two crucial events: the release of the U.S. November Consumer Price Index (CPI) data on Tuesday and the Federal Open Market Committee (FOMC) meeting on Wednesday. 

 

The S&P 500 continued its upward trajectory, recording a +0.39% gain and reaching another record high. The Dow and Nasdaq-100 followed suit, closing with increases of +0.43% and +0.85%, respectively. 

 

Key Takeaways: 

  • Tuesday's Inflation Data: On December 12th, at 2:30 PM WAT, the U.S. November CPI data will be released. Economists expect a slight decline in the annual CPI rate, falling from 3.2% in October to 3.1%. While this suggests a cooling inflation trend, it remains well above the Fed's target of 2%. This data is expected to influence future interest rate decisions.
  • Wednesday's FOMC Meeting: After the two-day FOMC meeting on December 13th, the Fed is widely anticipated to keep interest rates unchanged at a range of 5.25% - 5.50%.
  • Drivers of the S&P 500: Monday's market movement was driven by a surge in semiconductor stocks. Broadcom Inc. (AVGO) experienced a +9% jump to a record high, fueled by a "buy" rating from Citi and optimism surrounding artificial intelligence. This positive sentiment spread across the industry, leading to a +3.4% gain for the PHLX semiconductor index (SOX).

Major Indices & Other Assets

Index

Last Close

1-Day Change 

S&P 500  

4,622.43

+0.39%

Dow Jones 

36,404.94

+0.43%

Nasdaq-100 

16,221.73

+0.85%

U.S. 10-Year Treasury Yield*  

4.212%

-0.99%

Brent (Oil)*

$76.65

+0.76%

Bitcoin*

$41,749

-0.91%

 

 





*Bitcoin is a continuously traded asset without a defined closing time. US10YR and Brent also have different trading hours. The price displayed here represents their values as of 8:00 am (GMT+1) on Tuesday, Dec. 12th.

 

Top Gainers

Company

Ticker 

Last Close 

 1-Day Change

Macy's Inc.

M

$20.77

+19.44%

Professional Diversity Network Inc.

IPDN

$2.50

+16.82%

The Cigna Corp.

CI

$301.97

+16.68%

 

 

 

 

 

S&P-500's Top Gainers

Company 

Ticker

Last Close 

 1-Day Change

The Cigna Corp.

CI

 $301.97

+16.68%

Broadcom Inc.

AVGO

$1,029.24

+9.00%

Etsy Inc.

 ETSY

$84.69

+5.76%

 

 

 

 

 

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