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Live update of stock market news: November 10, 2022


US stocks continue strong gains in futures trading ahead of Friday’s open after deceleration in CPI . inflation data catch fire the most violent protest on Wall Street since early 2020.

Futures contracts tied to the S&P 500 (^ GSPC) rose 0.5%, while Dow Jones Industrial Average futures (^ DJI) added 165 points, or the same percentage gain as the S&P. Contracts on the tech-heavy Nasdaq Composite (^ IXIC) is 0.7% higher. Treasury yields held steady after their biggest one-day drop on Thursday in more than a decade.

One significant reversal in China’s Zero-COVID policy to reduce the quarantine period for travelers to the country also increases sentiment. Oil markets edged higher as traders speculated the move could boost demand for the commodity, with West Texas Intermediate (WTI) futures rising more than $3 to narrow at $90 a barrel.

All three major averages spike on Thursday, each recording their biggest one-day strides since recovering from the COVID incident two years ago. Outsized moves catalyzed by October consumer price data lighter that bets push the Federal Reserve to pause tightening financial conditions as early as next year. The S&P 500, Dow and Nasdaq rose 5.5%, 3.7% – or 1,200 points – and 7.4%, respectively.

“Overall, the report suggests that the final peak of inflation may be behind us, although inflation is likely to remain elevated for some time,” said BNY Mellon, chief investment officer of Macro Hoa’s US division. Ky Sonia Meskin said in a note on Thursday – also noting that the number supports a 0.50 level smaller than the % gain for December announced at this month’s FOMC meeting and investors are contemplating. price.

“However, it is important not to overemphasize a single report on inflation and policy trajectory,” she added.

The consumer price index (CPI) in October increased by 7.7% year-on-year and by 0.4% month-on-month. Above a “core” baseExcluding the report’s volatile energy and food ingredients, prices rose at 6.3% year-over-year and 0.3% month-on-month.

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after the Federal Open Market Committee meeting, at the Federal Reserve Board Building in Washington, DC, on November 2, 2022 - The Federal Reserve raised interest rates sharply on Wednesday, as expected, with a move to cool red-hot inflation taking on more weight amid political turmoil ahead of the crucial US midterm elections. term.  The latest three-quarter percentage point hike brings the benchmark lending rate to 3.75-4.0 percent, the highest level since January 2008. (Mandel NGAN/AFP photo) (MANDEL NGAN photo) / AFP via Getty Images)

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after the Federal Open Market Committee meeting on November 2, 2022. (Photo by MANDEL NGAN/AFP via Getty Images)

Despite the regulation, many strategists insist that the excitement is premature, with Federal Reserve officials still ready to tighten even more after Chairman Jerome Powell said last month that policymakers still have “several ways to go“On restoring price stability – a message his central bank colleagues have since also echoed in a series of public speeches.

Gregory Daco, chief economist at EY Parthenon, said: “The Fed’s excessive reliance on data combines with the fact that economic data will only show real-time labor markets and inflation. decelerates with latency, increasing the likelihood of excessive crashes,” Gregory Daco, chief economist at EY Parthenon, said in emailed comments.

Meanwhile, DataTrek’s Nicholas Colas points to another fact: despite the tendency for inflation to be lower when it peaks and begins to decline – as seen in 1970, 1974, 1980, 1990, 2001 and 2008 – But downtrends are often accompanied by recessions, and there is no exception to the rule.

Chaotic Persevere in the crypto world as FTX incident sheds lightwith former billionaire crypto hero Sam Bankman-Fried now also reported as is under investigation by the US Securities and Exchange Commission when his exchange sought a cash bailout. Bitcoin was trading around $17,300 on Friday morning.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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