Stocks are up on Wednesday as investors continue to celebrate the October Consumer Price Index (CPI) data that was released yesterday.
That data showed that inflation wasn’t as high as experts were predicting. That’s positive news for the stock market, as it means the Federal Reserve is unlikely to increase interest rates to combat inflation.
Even so, one thing worth noting is that this doesn’t mean an interest rate cut is on the way. Experts are predicting that it will still be some time before the Fed considers cutting rates after having introduced several increases over the last year.
Ross Mayfield, Investment Strategy Analyst at Baird, said the following about the October CPI data to CNBC:
“The CPI report did basically everything that the market needed to do, which is to confirm disinflationary trend, cooling economy and ultimately put the final pin in the case for the Fed popping [interest rates] again in December.”
Let’s check out how the major stock indices are reacting to this news below!
Stocks Up Today: Major Indices Increase
- The S&P 500 starts us off on Wednesday with a 0.42% increase.
- Next is the Dow Jones Industrial Average and its 0.4% rise this morning.
- Last on our list is the Nasdaq Composite with its 0.43% gain today.
Investors who are seeking out even more of the most recent stock market stories today are going to want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! Among that is what’s going on with shares of Manchester United (NYSE:MANU), C3.ai (NYSE:AI) and Alstom (OTCMKTS:ALSMY) stock today. All of that news is ready to go at the links below!
More Stock Market News for Wednesday
- MANU Stock Alert: What to Know as Manchester United CEO Steps Down
- AI Stock Alert: C3.ai Expands AI Partnership With Amazon
- Alstom Layoffs 2023: What to Know About the Latest ALSMY Job Cuts
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.