Stocks are up today as investors celebrate positive data from the October Consumer Price Index (CPI) report on Tuesday!
The biggest news that has investors optimistic on Tuesday comes from inflation data during the October CPI report being flat. That comes from oil prices decreasing during the month, which pulled down inflation.
On that same note, core inflation was only up 4% year-over-year (YOY) and 0.2% compared to September 2023. For comparison, experts were predicting a YOY increase of 4.1% and a sequential increase of 0.3%. Core inflation cuts out the more volatile price sectors, such as energy and food.
Michael Pearce, Lead U.S. Economist at Oxford Economics, said the following about the data to Yahoo Finance!:
“Overall the October CPI report gives Fed officials more confidence that inflation is on a firm downward trajectory, which should stay their hand on any additional rate hikes.”
Let’s check in on how the major indices are reacting to this news below!
Stocks Up Today: Major Indices Rising
- Starting us off is the S&P 500 with a 2% gain on Tuesday morning.
- Next we have the Dow Jones Industrial Average and its 1.52% increase today.
- Last on our list is the Nasdaq Composite with a massive 2.34% climb this morning.
Investors who are seeking out more of the most recent stock market stories are in luck!
We’re offering coverage of all the hottest stock market news for Tuesday! A few examples include what’s happening with shares of Rivian Automotive (NASDAQ:RIVN), XPeng (NYSE:XPEV) and Fisker (NYSE:FSR) stock today. All of that news is available at the following links!
More Tuesday Stock Market News
- RIVN Stock: Rivian Plans to Raise $15 Billion in Debt
- Dear XPEV Stock Fans, Mark Your Calendars for Nov. 17
- FSR Stock Alert: Fisker Slashes Production Forecast
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
