US Equities Close Mostly Flat after CPI Report
The three major US indices finished near the flatline on Wednesday, as investors weighed the latest inflation figures, which came in line with forecasts.
The S&P 500 booked marginal gains, and the Dow gained 47 points or 0.1%, while the Nasdaq ticked lower by 0.2%.
The Consumer Price Index increased 2.6% year-over-year, with core inflation at 3.3%, both aligning with forecasts. This reinforced the Federal Reserve’s potential December rate cut, with CME FedWatch showing an 80% chance. In corporate news, Super Micro Computer plunged 6.4% after announcing delays in filing its quarterly earnings report. On the other hand, Tesla added 0.5% trimming earlier gains after President-elect Trump announced Elon Musk would lead the Department of Government Efficiency alongside Vivek Ramaswamy.
Rivian surged 13.6% as Volkswagen revealed plans to invest up to $5.8 billion in the company, exceeding their prior $5 billion agreement.
Source: Trading Economics