{"id":60438,"date":"2023-09-13T10:17:40","date_gmt":"2023-09-13T14:17:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-open-higher-after-hotter-than-expected-august-inflation-report\/"},"modified":"2023-09-13T10:17:44","modified_gmt":"2023-09-13T14:17:44","slug":"u-s-stocks-open-higher-after-hotter-than-expected-august-inflation-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60438","title":{"rendered":"U.S. stocks open higher after hotter-than-expected August inflation report"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002497675\" role=\"document\">\n<p>U.S. stock indexes were trading higher on Wednesday morning after the latest consumer-price index data showed inflation picked up in August, which could change expectations for the Federal Reserve\u2019s interest-rate policy. <\/p>\n<h2>How are stock indexes trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       rose 6 points, or 0.2%, to 4,468<\/p>\n<\/li>\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       was up 19 points, or 0.1%, to 34,662<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       gained 42 points, or 0.3%, to 13,816<\/p>\n<\/li>\n<\/ul>\n<p>On Tuesday, the Dow industrials fell 18 points, or 0.05%, to 34,646, the S&amp;P 500 declined 0.6%, to 4,462, and the Nasdaq dropped 1.04%.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>U.S. stock indexes were higher on Wednesday after the release of the U.S. consumer-price index for August, which showed annual headline inflation rose 3.7% last month, slightly higher than the Wall Street\u2019s forecast of 3.6%.<\/p>\n<p>The consumer-price index, which measures costs across a broad variety of goods and services, rose 0.6% for the month, its biggest monthly jump in 14 months. However, excluding volatile energy and food prices, the so-called core inflation rose by 0.3%, also a bigger rise than the 0.2% that had been expected. <\/p>\n<p><strong>See:<\/strong> CPI shows biggest increase in inflation in 14 months<\/p>\n<p>\u201cThis latest U.S. CPI data is unlikely to move the needle on the Fed\u2019s highly anticipated move to hold rates steady at their meeting next week \u2013 which has already been priced-in by financial markets.\u201d said Nigel Green of \u00a0deVere Group, a financial advisor and asset management\u00a0firm. \u201cBut the uptick in inflation gives the U.S. central bank extra reason to be hawkish moving forward,\u201d he said. \u201cAs such, we also expect the Fed will start to prepare the market for a rate increase at its November meeting.\u201d <\/p>\n<p>Fed funds futures traders continued to see a 95% probability of no interest-rate hikes by the Federal Reserve at its policy meeting next week, while the chance of a 25-basis-point hike at its November meeting was seen at 37%, little changed from a day ago, according to the CME Fed Watch Tool.\u00a0<\/p>\n<p>The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose 1 basis point to 4.279%, while the policy-sensitive 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       was off 3 basis point to 4.999%. <\/p>\n<p>Chris Zaccarelli, chief investment officer at Independent Advisor Alliance\u00a0said Wednesday\u2019s report was a disappointment due to the 0.3% monthly jump for the core inflation rate. \u201cThis isn\u2019t the goldilocks number that investors were hoping for, but markets can still trade in a range \u2013 as inflation is high enough to keep the Fed still in play, but not hot enough for a shift away from the \u2018Fed is almost done\u2019 narrative,\u201d he said in emailed comments. <\/p>\n<p>Zaccarelli also said the stock market can still rally into year-end as long as the economy remains resilient and inflation doesn\u2019t \u201cre-ignite,\u201d once we get past the seasonally weak months of September and October.<\/p>\n<p><strong>MarketWatch Live Coverage: <\/strong>Stock Market Today: Dow nudges higher after CPI reading<\/p>\n<p>Investors will also have an eye on the expected pricing later in the day of ARM Holding\u2019s initial public offering, which may value the chip designer at up to $55 billion. A successful launch for the U.K-based company may spark the IPO market into life. A buoyant IPO scene is often a characteristic of a broadly bullish stock market.<\/p>\n<p><strong>See:<\/strong> Tech\u2019s wild week: How Apple, Google, AI, Arm\u2019s mega IPO could set the agenda for years<\/p>\n<p>Other U.S. economic updates set for release on Wednesday include the federal budget report for August, due at 2 p.m.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Nio <\/strong><br \/>\n        NIO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204905836\/composite\" class=\"negative\">-3.34%<\/bg-quote><br \/>\n       and<strong> Li Auto<\/strong><br \/>\n        LI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/219811686\/composite\" class=\"negative\">-0.88%<\/bg-quote><br \/>\n       shares declined by 3% and 0.8% on Wednesday, respectively, after the European Union said it\u2019s probing Chinese government subsidies to electric vehicle makers. <\/p>\n<\/li>\n<li>\n       <strong>Apple <\/strong>shares<br \/>\n        AAPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202934861\/composite\" class=\"negative\">-1.15%<\/bg-quote><br \/>\n       slipped 0.3%. A Chinese government spokesperson denied there\u2019s a ban in place on foreign phones but noted \u201csecurity incidents\u201d with the iPhone. <\/p>\n<\/li>\n<li>\n      <strong>Spirit Airlines Inc.\u2019s<\/strong> stock\u00a0<br \/>\n        SAVE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205782179\/composite\" class=\"negative\">-1.62%<\/bg-quote><br \/>\n       tumbled 1.4% on Wednesday after the discount carrier lowered its third-quarter guidance to reflect increased promotional activity for travel in the second half and aa recent spike in fuel prices.\u00a0<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-steady-ahead-of-august-inflation-report-50ad6bdc?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stock indexes were trading higher on Wednesday morning after the latest consumer-price index data showed inflation picked up in August, which could change expectations for the Federal Reserve\u2019s interest-rate policy. How are stock indexes trading The S&amp;P 500 SPX rose 6 points, or 0.2%, to 4,468 The Dow Jones Industrial Average DJIA was up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":60439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-60438","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks open higher after hotter-than-expected August inflation report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stock indexes were trading higher on Wednesday morning after the latest consumer-price index data showed inflation picked up in August, which could\" \/>\n<meta name=\"robots\" content=\"index, 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