S&P 500 and Stocks Hold Well Despite Jump in US CPI, Pointing Higher

Today most markets turned volatile after the US inflation report, but the S&P 500 is literally unchanged, as stocks consolidate the gains.

Almost everything went down against the USD today as October PCI inflation jumped higher, but not stock markets, which shows that the buying pressure is strong and the upside will pick up again soon. During today’s session, the NASDAQ index was initially on track to close at a record high but saw gains retreat by the end of trading. The S&P 500 also reached a session peak near record levels before pulling back, with minimal net change by closing.

S&P 500 Chart Daily – The Retrace Has Been Very Shallow

The Dow Industrial Average showed a small increase, while the NASDAQ closed slightly lower. The Russell 2000 small-cap index experienced the largest drop, declining nearly 1%. The primary US indices gave up record-level gains as the session drew to a close. In the final hour, the NASDAQ surrendered earlier gains, and the S&P 500 fell back below the 6,000 mark, highlighting mixed performance across the market.

Closing Levels for Main US Indices

• Dow Industrial Average: +47 points (+0.10%) at 43,958 points
• S&P 500: +1.50 points (+0.02%) at 5,985
• NASDAQ: -50 points (-0.3%) at 19,230
• Russell 2000: -22 points (-1%) at 2,369

Performance of “Magnificent Seven”:

• Amazon: +2.50%
• Nvidia: -1.40%
• Meta: -1.00%
• Microsoft: +0.50%
• Alphabet: -1.50%
• Apple: +0.35%
• Tesla: +0.55%

The tech sector was varied, with major stocks moving in different directions, indicating shifting market conditions and investor sentiment. Among today’s standout performers, Tesla (TSLA) led the consumer cyclical sector with a notable 2.7% increase, likely driven by optimistic forecasts for electric vehicles and strong quarterly sales projections, which continued to bolster investor confidence.

European Stock Indices Closing Prices:

• German DAX: -55 points (-0.25%) at 18,977
• France’s CAC: -10 points (-0.20%) at 7,216
• UK’s FTSE 100: +5 points (+0.05%) at 8,030
• Spain’s IBEX: -22 points (-0.20%) at 11,360
• Italy’s FTSE MIB: +100 points (+0.30%) at 33,707

S&P 500 Live Chart