11 SEPT 2024 Market Close & Major Financial Headlines: Markets Battled Core Inflation Numbers After Opening Deep Into The Red For The Small Caps To Finally Close Strongly Higher In The Green
Summary Of the Markets Today:
- The Dow closed up 125 points or 0.31%,
- Nasdaq closed up 2.17%,
- S&P 500 closed up 1.07%,
- Gold $2,541 up $2.00,
- WTI crude oil settled at $67 up $1.40,
- 10-year U.S. Treasury 3.661 up 0.017 points,
- USD index $101.72 up $0.09,
- Bitcoin $57,647 up $70 or 0.12%,
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The U.S. stock market closed higher on Wednesday after initially falling, as investors processed the August inflation report and the first presidential debate between Donald Trump and Kamala Harris. Nvidia led the tech rally, with shares surging over 8% Inflation. Inflation fell to a more than three-year low. Core inflation (excluding food and gas) rose 0.3% month-over-month, higher than the expected 0.2% The higher core inflation reading reduced expectations for a larger Fed rate cut. Odds of a 50 basis point rate cut at the next Fed meeting dropped to 15%, down from 44% a week ago. Markets now favor a smaller 25 basis point cut. Investors analyzed the Trump-Harris presidential debate, which provided limited detail on market-moving economic issues. GameStop shares fell almost 12% after missing quarterly revenue expectations. Oil prices rebounded from three-year lows, with WTI and Brent crude both rising about 2%.
Click here to read our current Economic Forecast – September 2024 Economic Forecast: One Recession Flag Removed With Three Remaining
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Consumer Price Index for All Urban Consumers (CPI-U) rose 2.5% for the 12 months ending August 2024 (down from last month’s 2.9%), the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.2% year-over-year (unchanged from last month). The energy index decreased 4.0 percent for the 12 months ending August. The food index increased 2.1% over the last year. The primary reason for the decline of the CPI-U was energy which declined 10.1% year-over-year. Over the years I have done several detailed analysis of the CPI and my conclusion is that inflation is different for each of us depending on how money is spent. The CPI shows food is up only 0.9% year-over-year – I am seeing food up 5%+ (see the table below for the 12 month change in the components of the CPI).
Un-adjusted 12-mos. ended Aug. 2024 | |
---|---|
All items | 2.5 |
Food | 2.1 |
Food at home | 0.9 |
Food away from home(1) | 4.0 |
Energy | -4.0 |
Energy commodities | -10.1 |
Gasoline (all types) | -10.3 |
Fuel oil | -12.1 |
Energy services | 3.1 |
Electricity | 3.9 |
Utility (piped) gas service | -0.1 |
All items less food and energy | 3.2 |
Commodities less food and energy commodities | -1.9 |
New vehicles | -1.2 |
Used cars and trucks | -10.4 |
Apparel | 0.3 |
Medical care commodities(1) | 2.0 |
Services less energy services | 4.9 |
Shelter | 5.2 |
Transportation services | 7.9 |
Medical care services | 3.2 |
Here is a summary of headlines we are reading today:
- Oil Markets Are Ignoring Imminent Production Cuts By 3 OPEC+ Members
- China’s Carbon Trading Market to Encompass Steel and Aluminum Sectors
- Oil Prices Jump 3% as Hurricane Takes 675,000 bpd Offline in the Gulf of Mexico
- Goldman Sachs: RBOB Gasoline Sees Open Interest Surge As Storm Looms
- U.S. Inflation Cooled in August Thanks to Lower Energy Prices
- Study Claims Banks ‘Greenlaunder’ Trillions of Dollars of Fossil Fuels Funding
- S&P 500 rises, Nasdaq closes 2% higher in rebound from inflation report rout: Live updates
- Here’s the inflation breakdown for August 2024 — in one chart
- Bitcoin could soon hit six figures regardless of who wins U.S. election, investors say
- Hurricane Francine takes aim at the Louisiana coast amid fears of storm surge and flooding
- Uranium Stocks Ignite After Putin Asks Gov’t To Weigh Export Restrictions On Critical Commodities
- Treasury yields bounce off 2024 lows after August CPI inflation report
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.