Stock market today: Dow, S&P 500 waver after hotter-than-expected inflation print

Published On Oct 10, 2024, 12:17 PM

US stocks experienced mixed movements on Thursday following a consumer inflation report that showed higher-than-expected price increases. The Dow Jones and S&P 500 experienced slight dips while the Nasdaq Composite managed to climb, influenced by gains in major tech stocks like Nvidia and Amazon. The inflation data has heightened speculation regarding future interest rate decisions by the Federal Reserve, indicating a potential likelihood for smaller rate cuts in the near future. Additionally, weekly jobless claims surged unexpectedly, suggesting a softening labor market. Notably, tech stocks have faced pressure due to the inflation news, while energy stocks benefited from rising oil prices amid geopolitical tensions.

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Stock Forecasts

XLKView XLK chart on TradingView

Negative

Given the environment of rising inflation and uncertainty surrounding interest rate movements by the Fed, technology stocks may face downward pressure as investors become cautious. This combined with the mixed earnings reports in the sector suggests a negative outlook for tech-oriented ETFs.

WWView WW chart on TradingView

Positive

WeightWatchers has seen dramatic price increases following announcements related to a new weight-loss medication. Given the company’s strong recent performance and the potential for continued interest in this sector, it appears to be an attractive investment opportunity.

DALView DAL chart on TradingView

Negative

Delta Air Lines missed earnings expectations and cited significant operational disruptions. This shortfall alongside rising costs could lead to further downward pressure on its stock. Investors may want to be cautious with this company in the short term due to the recent earnings miss and external factors.

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