Stock market today: Dow, S&P 500, Nasdaq in holding pattern with key CPI inflation data on deck

Published On Dec 11, 2024, 8:15 AM

The stock market is in a holding pattern as investors await the release of the Consumer Price Index (CPI) data for November, which is crucial for the Federal Reserve's upcoming interest rate decision. The anticipation of inflation readings showing a headline inflation of 2.7% and a core inflation of 3.3% suggests that the Fed is likely to proceed with a 0.25% rate cut. However, high stock valuations raise concerns about potential market volatility in response to unexpected inflation figures. Meanwhile, Macy's stock has dropped 8% after the company lowered its profit guidance amid an investigation into financial discrepancies.

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Stock Forecasts

SPYView SPY chart on TradingView

Positive

The upcoming CPI data could lead to significant market movement, with a positive reaction expected if inflation is in line with forecasts or lower. Conversely, higher-than-expected inflation could spur selling pressure across the market.

MView M chart on TradingView

Negative

Macy's recent guidance cut and stock drop indicates potential further weakness. Investors should remain cautious as this could highlight broader retail sector challenges.

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