Stock Market Today: Dow, S&P 500, Nasdaq Trading Mixed Ahead of Key Inflation Data

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U.S. stock futures were little changed Tuesday morning as investors awaited a key inflation report that could influence the Federal Reserve’s decision on interest rates next month.

Dow Jones Industrial Average Futures (YM=F) increased by 0.5%, while those of the S&P 500 (ES=F) increased by 0.2%. Contracts for the Nasdaq-100 (NQ=F) fell below the flat line after stocks rebounded on Monday.

Investors will closely monitor the release of the Consumer Price Index, which is expected to show a slowdown in inflation. Economists expect inflation to rise 0.3% from the previous month and core inflation, which excludes food and energy prices, to fall to 0.2%.

Nvidia (NVDA) investors continue to be reeling from the board’s investigation into CEO Jensen Huang following reports of his affair with an alleged Chinese spy. Nvidia stock rebounded slightly on Tuesday morning after falling more than 4% the day before.

Oil prices are falling, with Brent crude (BZ=F), the international benchmark, and WTI crude (CL=F), ​​the US benchmark, down more than 2%.

With most of the third-quarter earnings season in the rearview mirror, Nvidia-backed Neocloud CoreWeave (CRWV) and quantum computing stocks Quantum (QBTS) and Rigetti Computing (RGTI) are reporting results after the bell today.

LIVE 2 updates

  • Fed’s Waller leans toward quarter-point rate hike in December, open at 50 basis points

    Jennifer Schonberger of Yahoo Finance reports:

    Federal Reserve Governor Chris Waller said Tuesday that he is leaning toward raising interest rates by a quarter of a percentage point in December. If the October inflation data released Tuesday morning is anything to go by, he’s ready to raise rates by 50 basis points next month.

    “Inflation is too high…this means that even if, as I expected, the monthly inflation rate improves in October, I lean toward supporting a 25 basis point increase in our policy rate at the December FOMC meeting,” Waller said in a speech in London.

    But if October inflation data turns out to be higher than expected, stronger measures may be needed, Waller said. “In this case, I think a 50 basis point hike in the policy rate should be considered at the December meeting,” he said. “A hike of just 25 basis points would put our credibility at risk, a risk I am not prepared to take.”

  • Good morning. Here’s what’s happening today.

    Economic data: ADP weekly employment change, consumer price index (CPI) month-over-month (0.3% expected, 0.6% previous), core (CPI) month-over-month (0.2% expected, 0.3% previous)

    Earnings schedule: CoreWeave (CRWV), Petróleo Brasileiro (PBR), TransDigm Group (TDG), Honda Motor (HMC), Sea (SE), Alcon (ALC), Ecopetrol (EC), Venture Global (VG), Hesai Group (HSAI), Embraer (EMBJ), On Holding (ONON), KT (KT), Legend Biotech (LEGN), D-Wave Quantum (QBTS), Rigetti Computing (RGTI), Wix.com (WIX), StubHub Holdings (STUB), Sonos (SONO), eToro Group (ETOR)

    Check out some of the biggest news stories of the night:

    Vanguard and Fidelity issue warning to retirement savers

    Gold maintains gain above $4,100 as falling oil eases inflation concerns

    Nvidia CEO’s investigation will ‘force’ succession plan, tech investor says

    Anthropic reportedly intends to move forward with IPO plans

    Celebrity chef Robert Irvine talks about the big mistake fast food giants are making

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