Stock market today: S&P 500, Nasdaq edge lower with rate cuts, inflation data in focus

Published On Dec 12, 2024, 12:31 PM

President-elect Donald Trump rang the opening bell at the NYSE, but the stock market faced a decline due to mixed inflation data. The Dow Jones and S&P 500 trended slightly lower, while the tech-heavy Nasdaq Composite experienced a more significant drop, led by Nvidia and Adobe's disappointing guidance. The inflation report showed a higher-than-expected rise in wholesale prices, which raises questions about future rate cuts by the Federal Reserve. In contrast, Bitcoin saw a rise, influenced by anticipated crypto-friendly policies under Trump's administration.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

NVDA View NVDA chart on TradingView

Negative

Nvidia's recent drop in share price is a concern, particularly with a challenging regulatory landscape in China affecting the company. Their focus on AI chips is promising, but the recent performance and regulatory scrutiny suggest some headwinds ahead.

ADBE View ADBE chart on TradingView

Negative

Adobe's significant premarket drop due to a weak revenue forecast indicates investor concern. The market seems to be reacting to fears regarding Adobe's ability to leverage AI impacts in the future, which could lead to further declines in the stock.

SPY View SPY chart on TradingView

Neutral

The mixed inflation signals could lead to market volatility. The anticipation of potential Federal Reserve rate changes indicates cautious trading, which may affect overall market sentiment in the short term.

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