2024-01-12 15:46:01
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January 12, 2024
19:46 pm
Traders on the New York Stock Exchange (AFP)
US stocks were mixed on Friday, as traders analyzed the first batch of fourth-quarter earnings.
The Dow Jones Industrial Average fell 0.4%. While the Standard & Poor’s 500 index rose 0.06% and the Nasdaq rose 0.11%.
The producer price index fell 0.1% in December, a sign that inflation may be declining. Economists polled by Dow Jones expected an increase of 0.1%.
Tesla shares fell 2.10%, after the company reduced the prices of both the Model 3 and Y in China. The company also said: “Its production plant in Berlin will face disruptions due to shipping disruptions in the Red Sea.”
Delta Air Lines shares fell by 8.35%, even after achieving better-than-expected profits for the fourth quarter. Bank of America lost 1.43% after announcing a decline in fourth-quarter profits, while BlackRock shares fell 0.02%. JPMorgan Chase bucked the trend, rising 1.39%, even after the bank said its profits fell 15% to $9.31 billion from the previous year.
This data comes after investors took a look at the latest consumer inflation data. December’s CPI came in modestly hotter than economists had expected, with prices rising 0.3% month-over-month and 3.4% from a year ago.
“Fixed inflation is a negative for market participants who are hoping that interest rate cuts from the Federal Reserve are on the horizon,” said Greg Bassock, CEO of Access Investments. Markets expect a roughly 70% chance the central bank will cut rates first at its March meeting, according to CME’s FedWatch tool. (agencies)
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