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Overnight – Stocks edge lower as investors actually read the data
Stocks edged lower overnight as investors assessed key economic data ahead of the Federal Reserve’s meeting next week.
While CPI data was in line on Wednesday, data, released on Wednesday, came in largely in line with expectations, quelling some concerns that it would overshoot estimates. But producer prices rose more than expected in November, rising 0.4% last month after an upwardly revised 0.3% increase in October, ahead of the expected 0.2% gain. In the 12 months through November, the PPI shot up 3.0% after increasing 2.6% in October.
Initial claims for U.S. unemployment benefits unexpectedly climbed last week, raising concerns over labour-market resilience. U.S. producer prices rose more than forecast in November, though a moderation in service costs pointed to a continuation of the broader disinflationary trend.
Megacap and growth stocks showed a mixed performance, with Nvidia slipping 0.78%, while Microsoft rose 1.12%.
Adobe plunged 13.27% after the Photoshop maker forecast fiscal 2025 revenue below Wall Street expectations, weighing on the broader technology sector.
Warner Bros Discovery soared 14.97% after the media company announced plans to separate its declining cable-TV business from streaming and studio operations.
ASX SPI 8290 (-0.65%)
The ASX will fall in line with the US markets. Yesterdays strong unemployment number has removed any speculation of a Feb rate cut in Australia, (as we have said all year) with a likely first cut in Late Q1-Q2
Westpac and Premier Investments both host AGMs and Metcash shares trade ex-dividend.
PE giant Bain Capital zeros in on $2b Insignia; BofA on hand Street Talk understands Bain Capital is running the ruler over ASX-listed over $2 billion ASX-listed financial services giant Insignia Financial.
