Stock market today: Dow leads stocks down as rally takes a break before CPI report

Published On Nov 12, 2024, 4:08 PM

The US stock market experienced a downturn as investors reflected on whether recent buying was excessive and the implications of President-elect Donald Trump's Cabinet selections on future policies. Major indices like the Dow Jones and S&P 500 saw declines, particularly affected by Boeing's poor delivery figures due to strikes. Analysts suggest that with rising exposure to US equities, profit-taking may soon occur. The focus is now on upcoming economic data, especially the Consumer Price Index (CPI), which could influence Federal Reserve decisions regarding interest rates. Meanwhile, Bitcoin has surged close to $90,000, suggesting strong market sentiment towards cryptocurrencies despite mixed reactions in related stocks like Coinbase and Tesla.

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Stock Forecasts

BAView BA chart on TradingView

Negative

Boeing's recent delivery struggles and the impact of labor strikes on production may lead to decreased investor confidence in the stock, driving it lower in the near term. It is anticipated that it may take time for production to stabilize, causing further negative sentiment in the stock market.

COINView COIN chart on TradingView

Positive

Despite recent volatility, the continuation of interest in cryptocurrencies and Bitcoin's approach to $90,000 is likely to propel investor interest in crypto-related stocks, such as Coinbase. This momentum could lead to a recovery in Coinbase’s stock price.

SHOPView SHOP chart on TradingView

Positive

Shopify's robust earnings and raised revenue forecast suggest it is well-poised for further growth. This positions the stock favorably in the market as investor confidence is supported by strong performance metrics.

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