UNITED STATES NEWS

Stock market today: Asia markets rise ahead of US consumer prices update

Dec 10, 2023, 9:19 PM | Updated: Dec 11, 2023, 9:20 pm

Asia markets opened higher following a positive close on Wall Street. Investors are eagerly awaiting a crucial U.S. inflation report later in the day, which will likely set the tone for the Federal Reserve’s final meeting of the year on Wednesday.

U.S. futures and oil prices advanced.

Tokyo’s Nikkei 225 added 0.5% to 32,959.50. Data released on Tuesday showed the wholesale prices in Japan rose by 0.3% from the previous year in November, which marked the slowest rate of increase in almost three years, suggesting a moderation in inflationary pressure in the economy.

Hong Kong’s Hang Seng gained 1.1% to 16,367.00, and the Shanghai Composite edged 0.1% higher, to 2,993.65.

Chinese leaders are holding an annual economic conference expected to wrap up Tuesday with pledges to spur stable growth.

In Seoul, the Kospi was up 0.4% at 2,534.15. Australia’s S&P/ASX 200 climbed 0.5% to 7,233.90.

India’s Sensex gained 0.2%, while the SET in Bangkok lost 0.3%.

On Monday, the S&P 500 rose 0.4% to 4,622.44, finishing at its highest level in 20 months. The Dow gained 0.4% to 36,404.93 and the Nasdaq added 0.2% to close at 14,432.49.

The muted gains follow a six-week winning streak by the major stock indexes. The S&P 500 is up 20.4% for the year and the Nasdaq is up 37.9%.

Cigna surged 16.7% for the biggest gain among S&P 500 stocks after the health insurer announced a $10 billion stock buyback, and the Wall Street Journal reported that the company is no longer pursuing a merger with Humana.

Macy’s jumped 19.4% following reports that an investor group is launching a bid to take the storied retailer private for $5.8 billion.

On Tuesday, the government will release its November report on consumer inflation. Analysts expect the report to show that inflation continued slowing to 3.1% from 3.2% in October. On Wednesday, the government will release its November report on inflation at the wholesale level, which is also expected to show that the rate of inflation is easing.

Wall Street is overwhelmingly betting that the Fed will keep its benchmark interest rate at a range of 5.25% to 5.50% into early 2024 and could start cutting rates by the middle of that year. Analysts are also becoming more comfortable with the possibility that the central bank can pull off a “soft landing,” which refers to inflation easing under high interest rates without the economy falling into a recession.

“With inflation coming down faster than expected, it now appears likely that the Fed will refrain from additional rate hikes,” Brian Rose, a senior U.S. economist at UBS, said in a note to investors. “At the same time, inflation is still too high and the labor market is still too tight for the Fed to consider cutting rates soon.”

Strong consumer spending and a solid jobs market have provided a bulwark to the broader economy, where growth has slowed but has so far avoided stalling. The government’s jobs report on Friday showed that U.S. employers added more jobs last month than economists expected. Workers’ wages also rose more than expected, and the unemployment rate unexpectedly improved.

Several big companies will report their earnings this week and are among the few remaining to release their results. Software company Adobe will report on Wednesday and Olive Garden owner Darden Restaurants will release its results on Friday.

Treasury yields were little changed. The yield on the 10-year Treasury held steady at 4.22%.

In energy trading, U.S. benchmark crude oil added 25 cents to $71.57 per barrel in electronic trading on the New York Mercantile Exchange. It gained 0.1% Monday. Brent crude, the international standard, picked up 24 cents to $76.27 per barrel.

The U.S. dollar fell to 145.60 Japanese yen from 146.16 yen. The euro rose to $1.0769 from $1.07613.

___

AP Business Writers Alex Veiga and Damian J. Troise contributed.

United States News

Republican presidential candidate former President Donald Trump hugs and kisses the American flag a...

Associated Press

Trump calls himself a ‘proud political dissident’ in CPAC speech

In a CPAC speech, Trump painted an apocalyptic vision of the future if President Joe Biden wins again as the two prepare for a rematch.

1 hour ago

Republican presidential candidate former President Donald Trump gestures to the audience after spea...

Associated Press

Donald Trump wins South Carolina GOP primary, beating Nikki Haley in her home state

Trump has now swept every contest that counted for Republican delegates, with wins already in Iowa, New Hampshire and Nevada.

2 hours ago

Associated Press

Why AP called South Carolina for Trump: Race call explained

WASHINGTON (AP) — The Associated Press declared Donald Trump the winner of the South Carolina primary as soon as polls closed on Saturday. The race call was based on a comprehensive survey of South Carolina Republican primary voters that showed him defeating Nikki Haley by wide margins in her home state. Declaring a winner as […]

2 hours ago

Associated Press

Former NFL player Richard Sherman arrested on suspicion of DUI, authorities in Washington state say

SEATTLE (AP) — Former NFL player Richard Sherman was arrested early Saturday on suspicion of driving under the influence, according to the Washington State Patrol. No other details about the arrest were immediately available, said Trooper Rick Johnson, a patrol spokesperson. A spokesperson for the King County Prosecutor’s Office said nothing had been sent to […]

2 hours ago

Associated Press

Lithium ion battery caused fatal fire in New York City apartment building, officials say

NEW YORK (AP) — A lithium ion battery sparked a fire that killed one person and injured 17 others at a New York City apartment building, fire officials said Saturday. Friday’s two-alarm fire began just after 2 p.m. on the third floor of a six-story building in Harlem. New York Police Department video shows firefighters […]

3 hours ago

Associated Press

Federal prosecutors accuse a New Mexico woman of fraud in oil and gas royalty case

ALBUQUERQUE, N.M. (AP) — A New Mexico businesswoman is accused of defrauding the U.S. government and two Native American tribes of taxes and royalties due to them for oil and gas that her companies extracted from leased federal and tribal lands. Federal prosecutors announced this week that Teresa McCown recently was indicted by a grand […]

4 hours ago

Sponsored Articles

...

Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

...

Day & Night Air Conditioning, Heating and Plumbing

Valley residents should be mindful of plumbing ahead of holidays

With Halloween in the rear-view and more holidays coming up, Day & Night recommends that Valley residents prepare accordingly.

Stock market today: Asia markets rise ahead of US consumer prices update