MARKETS TODAY Dec 12 (Vica Partners) – Wall Street rallied Monday ahead of key consumer-price data out tomorrow. Brent and WTI crude oil jumped more 3% today as the rally was driven by energy stocks. The top performing sectors today were Energy, up +1.92% and Information Technology advancing 1.84%.
The S&P 500 (^GSPC) gained 1.43%, while the Dow Jones Industrial Average (^DJI) increased by 1.58%, or 529 points. The technology-heavy Nasdaq Composite (^IXIC) advanced by 1.26%.
Key Market Statistics
- S&P 500, Dow and Nasdaq all up today
- Top performing sector today was the Energy sector, up 1.92%
- The Materials and Consumer Discretionary sectors were the biggest laggards, down 0.18% and 0.13%
- Greed Index today was 59 (greed)
- 10-year Treasury yield slightly negative at 3.598%, the 2 year Treasury was also with a slightly negative yield at 4.371%
- S. Dollar Index (DXY) to $104.90, down 0.22%
- Bitcoin at $17,152 down 0.35% and Gold at $1785.75, down 0.52%
- Oil prices jumped over 3% and continue to rise in after hours, Brent crude currently at $79.01, and US West Texas Intermediate currently at $74.12
Investors expect smaller Fed rate hike later this week as inflation jitters still shadow the market
With a half-percentage-point increase +80% expected at its Dec. 13-14 meeting, the central bank will have lifted its overnight policy rate from near zero as of March to the 4.25%-4.50% range.
Tomorrow Consumer Price Index (CPI) will be important as the Fed will be closely watching
Economists expect this week’s CPI result to show a 7.3% gain, which would be down from the last reading of 7.7%.
Vica Momentum Stock Report
Piedmont Lithium NYSE (PLL) (Grade B+) 50 Day Average +6.79%, 100 Day Average +48.13%, 200 Day Average +15.32%, Year to Date +8.88
Piedmont Lithium Ltd is a mineral resource company. It engages in the identification, acquisition, exploration and development of resource projects primarily in Australia. Piedmont Lithium Ltd is based in Perth, Australia.
Market Outlook and updates posted at vicapartners.com
