On Friday, all three major stock indices’ futures of Wall St. open up the day sharply higher after wrapping up the prior session in a negative territory with investors banking on a profit-taking wave, snapping up a latest streak of three straight days of gains, as November CPI (Consumer Price Index) data came in well in line with an analysts’ expectations, easing frets that the US Fed might push forward with an aggressive policy tightening.
During preparation of the report, at pre-market trading in the Wall St., Dow e-minis gained 0.50 per cent and S&P 500 e-minis was trading 0.62 per cent, while Nasdaq e-minis rose 0.58 per cent. Earlier in the day, US Labor Department data had unveiled that US CPI accelerated by 6.8 per cent over past twelve months through November, well in line with an analysts’ estimate which in effect had obliviated investors’ angst over a speedier-than-anticipated bond tapering alongside a much earlier-than-expected rate-hike.
In factuality, a higher-than-expected Consumer Price Index would have solidified a case for policy tightening from the US Central Bank at its latest policy meet scheduled to take place on December 14-15 policy.
rebounds after Thursday plunge
Citing statistics, on Thursday’s Wall St. closing bell, trade-sensitive Dow edged 0.02 per cent higher to 35,760.82 and benchmark S&P 500 lost 0.71 per cent to 4,667.63, while tech-heavy Nasdaq was nudged as much as 1.70 per cent lower to 15,517.90.
Meanwhile, referring to a roller-coaster ride in the Wall Street, a head of markets structure, proprietary trader at Bright Trading LLC in Las Vegas, Dennis Dick said, “We had a rip-roaring rally. There's still nervous people out there.
We'd a Omicron relief rally but the underlying problem still remains, that the Fed's taking the punchbowl away. ”
• Wall Street: Morgan Stanley Faces Challenges Amidst Turbulent Times• Meta Outpaces Wall Street Expectations with Stellar Quarterly Results• Wall Street Plummets as Bond Yields Soar• Why has Wall Street culture been criticized?• VinFast: The Vietnamese Underdog Overtaking Titans on Wall Street• Wall Street Banks Face Hefty Fines Over Messaging Apps