Dow Rises After PCE Inflation Report; Nvidia, Super Micro, MicroStrategy, Dell, More Mover; Applications for unemployment benefits are falling
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Dow Rises After PCE Inflation Report; Nvidia, Super Micro, MicroStrategy, Dell, More Mover; Applications for unemployment benefits are falling

Posted on by Amelia Pressman

Stock markets were mixed at the start of the day on Wednesday, but Treasury bonds rallied on the back of the Federal Reserve’s preferred inflation gauge.

The Dow Jones Industrial Average rose 48 points, or 0.1%. The S&P 500 lost 0.2%. The Nasdaq Composite lost 0.3%. The Dow and S&P both posted record closing prices on Tuesday. The S&P is on a seven-day winning streak.

Traders bought government bonds again, causing yields to fall. The yield on the two-year Treasury note fell to 4.215%. The 10-year yield fell to 4.258%.

Initial jobless claims fell to 213,000, below economists’ expectations of 216,000. It also represents the lowest level of weekly jobless claims in seven months.

The Bureau of Economic Analysis also released its second estimate for real gross domestic product growth in the third quarter, which remained at 2.8%, in line with expectations. Core personal consumption spending (excluding food and energy) was 2.1% in the third quarter, compared with 2.2% in the previous estimate.

Due to the Thanksgiving holiday in the USA, the stock market will be closed on Thursday and trading will end early on Friday. Many on Wall Street may opt for a long weekend; The personal consumption expenditure price index at 10 a.m. is the last major report before the holidays.

With many Americans already traveling, the report could fly under the radar. Economists have also already seen reports on consumer price and producer price inflation in October, so their estimates will likely be fairly close to the actual numbers.

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