The Dow Jones New York Stock Exchange closed higher on Tuesday (November 15) after the United States released a lower-than-expected producer price index (PPI). This fueled expectations that the Federal Reserve (Fed) will slow its interest rate hike, but the market was pressured by fears of geopolitical tensions. After the news that a Russian missile was shot down in Poland
The Dow Jones Industrial Average closed at 33,592.92 points, up 56.22 points, or +0.17%, The S&P 500 closed at 3,991.73 points, up 34.48 points, or + 0.87%, and the Nasdaq index closed at 11,358.41, an increase of 162.19 points, or +1.45%.
New York shares rose after US PPI, which measures inflation on producer spending, rose 8% year-on-year in October. It fell short of analyst expectations by 8.3% and slowed from 8.4% in September. Core PPI, which excludes food and energy, rose 5.4% year on year. down from 5.6% in September.
The slowdown in inflation prompted investors to cut their interest rate outlook at the December Fed meeting. According to CME Group’s FedWatch Tool, 80.6% of investors said the Fed would hike rates interest rate of 0.50% at its December 13-14 meeting and 19.4% that the Fed will raise rates by 0.75%.
The market was also buoyed by better-than-expected results from major retailers Wal-Mart and Home Depot, with Walmart reporting third-quarter earnings per share of $1.50, topping analyst estimates by $1.32. share of $4.24, above analyst expectations of $4.12.
The strong performance boosted Walmart and Home Depot stock prices and was also a boon for other retailers, with Walmart shares up 6.62%, Home Depot shares up 6.62%. , Best Buy rose 1.80%.
Tech stocks rose on prospects of a Fed interest rate slowdown, with Meta shares rising 2.50%, Alphabet shares rising 2.86%, Apple shares rising 1 .19% and Tesla shares are up 1.82%.
Shares of Chinese retail and internet companies listed on the US stock market soared in the report. China’s online retail sales rose more than 15% in October, and online retail sales in the first 10 months of the year rose 7.2%, with Alibaba Group Holdings shares gaining 11, 17%, NetEase rose 9.75%, Baidu shares rose 9.02%, Pinduoduo rose 8.53%. %.
However, the trading atmosphere was under pressure during the day. After the AP news agency reported citing the disclosure by US intelligence agencies that A Russian missile was shot down in a village in eastern Poland on the border with Ukraine. resulting in two deaths
Steve Sosnick, analyst at Interactive said the broker “The New York Stock Exchange turned positive after the news that a Russian rocket had been shot down over Polish territory. However, such a move could make the situation worse, for now the market is just worried. Don’t panic yet.”
