Stocks traded slightly higher on Thursday after some inflation data the Federal Reserve is watching came out cooler than expected.
The Dow Jones Industrial Average was trading up 14 points, or 0.04%. The S&P 500 rose 0.3%, while the Nasdaq Composite was near flat.
Stocks rallied after the October core personal consumption expenditures index, a closely watched measure of spending, was released. October data showed that the index rose 0.2%, below the consensus forecast of 0.3% compiled by economists by Dow Jones. The 10-year Treasury yield fell after the report.
The moves followed a sharp rally on Wednesday, with the Nasdaq Composite and S&P snapping three-day losing streaks after Powell appeared to Confirmation of a slowdown in central bank tightening – a question that remained in recent weeks. The Dow jumped 737.24 points, or 2.2%, on Wednesday, while the heavy Nasdaq Composite and S&P 500 rose 4.4% and 3.1%, respectively.
“Whether it was intentional or not, Powell sent the message that given the tightening that has already taken place, he is now more focused on the growth outlook and the employment picture than on getting inflation down to 2%,” Chris Senick said. Chief Investment Strategist at Wolfe Research.
Also marked on Wednesday The end of the winning month for the major averages. The Nasdaq rose 4.37% — for the second consecutive positive month for the first time in a three-month streak ending in December 2021. The S&P 500 and Dow rose 5.38% and 5.67%, respectively, to end their second month of gains for the first time since August 2021.
Salesforce stock down 7% In pre-market trading on the news That co-CEO Brett Taylor is stepping down. Snowflake receded about 6% On light guidance for product revenue. Retailer Dollar General fell 6% after it cut its full-year forecast, citing rising costs.
On the other hand, Okta stock rose nearly 16% after the identity-management software company issued an optimistic full-year financial forecast. Five below and Kruger It gained about 9% and 3%, respectively, after reports showed companies beat expectations in recent quarters.
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