Stock market today: Dow, S&P 500, Nasdaq fall as investors await key inflation data
Published On Dec 10, 2024, 4:03 PM
US stocks experienced a slight decline as investors remained cautious ahead of a key consumer inflation report expected to influence future interest rate decisions. The Dow Jones, S&P 500, and Nasdaq Composite all dropped approximately 0.3%. Notably, Alphabet's shares surged over 5% following the announcement of advancements in quantum computing due to the new Willow quantum chip. In contrast, Oracle's shares fell about 7% after reporting revenue that fell short of Wall Street estimates. Additionally, Kroger shares rose over 5% after a court blocked its acquisition of Albertsons, while Albertsons' shares fell around 3%. The upcoming inflation report is anticipated to show an increase in consumer prices, prompting speculation about potential interest rate cuts by the Federal Reserve later this month.
Stock Forecasts
GOOG
Positive
Alphabet's recent announcement regarding its quantum chip could lead to increased investor interest as it represents a significant technological advancement. This gives Alphabet a competitive edge in emerging technology.
ORCL
Negative
Oracle's revenue miss may signal ongoing challenges in the competitive cloud market, which could negatively impact investor sentiment and expectations for future growth.
KR
Positive
Kroger's shares have rallied after legal challenges to its acquisition plans were resolved favorably for the company, suggesting continued market confidence in its operational strategy.
SPY
Negative
The expected rise in inflation may lead to cautious trading in the overall market, potentially impacting other sectors negatively as investors prepare for potential rate cuts by the Federal Reserve.
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