MARKETS TODAY Dec 9 (Vica Partners) – Wall Street ended lower on Friday as investors await next week’s US inflation data for November scheduled on December 13. Other than communication services all other sectors declined.
The Dow Jones Industrial Average dropped 305 points. The S&P 500 was down 0.73%, and the Nasdaq down 0.70%. The top performing sector today was Communication Services sector, up 0.31%. Energy lead decliners dropping 1.83%.
For the week, the Dow, the S&P 500, and Nasdaq fell 2.8%, 2.4%, and 4%.
Key Market Statistics
- Dow, S&P 500 and Nasdaq all declined today
- Top performing sector today was Communication Services sector, up 0.31%
- The Energy and Health Care sectors were the biggest laggards, down 1.83% and 0.85%
- Greed Index today was 54 (neutral)
- 10-year Treasury yield up at 3.586%, the 2 year Treasury yield flat at 4.342%
- S. Dollar Index (DXY) to $104.93, up 0.15%
- Bitcoin at $17,155 gaining 0.12% and Gold at $1797.35, up 0.45%
- Oil prices down, Brent crude $76.10, declining 0.07%, and US West Texas Intermediate at $71.02, declining 0.62%
This morning’s newest inflation data shows that producer prices came in higher than expected.
The producer price index rose 7.4% year over year in November, above the expected 7.2% but below October’s 8.1% gain.
Next Tuesday’s Consumer Price Index (CPI) release will be more important as the Fed is set to slow its pace of rate hikes from 75 basis points to 50 basis points next week.
Economists expect next 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
Paccar Inc NYSE (PCAR) (Grade B+) 50 Day Average +20.84%, 100 Day Average +21.60%, 200 Day Average +11.54%, Year to Date +16.20
PACCAR Inc. is a leading manufacturer of heavy-duty trucks in the world. It also designs and manufactures diesel engines and other powertrain components for use in its own products and for sale to third party manufacturers of trucks and buses.
Market Outlook and updates posted at vicapartners.com
