GENERAL NEWS:
After ending the previous session on opposite sides of the unchanged line, the major U.S. stock indexes all
moved to the upside during trading on Wednesday. With the upward move, the tech-heavy Nasdaq closed higher
for the fourth straight session.
The major averages pulled back off their best levels in late-day trading but remained in positive territory.
The Nasdaq advanced 111.94 points or 0.8 percent to 14,969.65, the S&P 500 climbed 26.95 points or 0.6
percent to 4,783.45 and the Dow rose 170.57 points or 0.5 percent to 37,695.73.
The strength on Wall Street may have reflected optimism ahead of the release of key U.S. inflation data in
the comings days.
The Labor Department’s reports on consumer and producer price inflation, which are due to be released on
Thursday and Friday, respectively, could have a significant impact on the outlook for interest rates.
With economists expecting the reports to show slowdowns in the annual rate of core price growth, the data
could bolster optimism about near-term rate cuts by the Federal Reserve.
However, if the data surprises to the upside, it could add to recent skepticism about whether the Fed will
begin cutting rates in March.
Ahead of the reports, CME Group’s FedWatch Tool is currently indicating a 64.5 percent chance the Fed will
cut rates by a quarter point at its March meeting.
Sector News
Software stocks showed a strong move to the upside on the day, driving the Dow Jones U.S. Software Index up
by 1.6 percent to a record closing high.
Considerable strength was also visible among housing stocks, as reflected by the 1.5 percent gain posted by
the Philadelphia Housing Sector Index.
Lennar (LEN) helped lead the sector higher after the homebuilder raised its annual dividend to $2.00 per
share from $1.50 per share and increased its stock repurchase authorization by $5 billion.
On the other hand, energy stocks have moved notably lower on the day, with a pullback by the price of crude
oil weighing on the sector.
With crude for February delivery falling $0.87 to $71.37 a barrel, the Philadelphia Oil Service Index and the
NYSE Arca Oil Index slid by 1.4 percent and 1.2 percent, respectively.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Wednesday, although
Japan’s Nikkei 225 Index bucked the downtrend and jumped by 2.0 percent. China’s Shanghai Composite Index
fell by 0.5 percent, while Hong Kong’s Hang Seng Index slid by 0.6 percent.
Meanwhile, the major European markets finished the day little changed. While the U.K.’s FTSE 100 Index
declined by 0.4 percent, the French CAC 40 Index and the German DAX Index both ended the day roughly flat.
In the bond market, treasuries moved modestly lower over the course of the session after seeing early
strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, crept up
by 1.1 basis points to 4.030 percent after hitting a low of 3.985 percent.
Looking Ahead
The Labor Department’s report on consumer price inflation is likely to be in the spotlight on Thursday,
overshadowing a separate report on weekly jobless claims.
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