US stocks are strongly back into the green territory, putting on a short squeeze following the pre-market and opening selloff that ensued on the back of hot Consumer Price Index data.
Stocks plunged to lows for the year but bulls moved in at a big discount, sending the Dow Jones and S&P 500 higher by as much as 2% at one point.
The majority of investors and traders (91%) anticipate a fourth straight 75-basis-point interest hike by the Fed at its meeting in November, with 9% only believe there is a chance for a 100 bps rise.
Nevertheless, some price discovery is coming into the markets ahead of the Q3 earnings at the end o the week while the indexes trail along the bottom of a 50% correction of the March 2020 rally.
The Dow Jones Industrial Average was up 851 points, or 2.93%, at 30,062 and had recovered from the low of the day down at 28,660.94. The S&P 500 was up 93.80 points to 2.62% while the Nasdaq Composite was up 253 points, or 2.34%%, at 11,037.
Core CPI gained at its highest annual pace in 40 years, rising 0.6% for the month and 6.6% for the year and Fed funds futures are now pricing in 75 bps in December, up from 50. Moreover, terminal rate expectations rose to 4.85% in March. As a consequence, the 10-year Treasury yield rallied to 4.080% while the 2-year yield was up to 4.535%.
US CPI (MoM) Sep: 0.4% (est 0.2%; prev 0.1%).
US CPI (Y0Y) Sep: 8.2% (est 8.1%; prev 8.3%).
US CPI Core (M0M) Sep: 0.6% (est 0.2%; prev 0.6%).
US CPI Core (Y0Y) Sep: 6.6% (est 6.5%; prev 6.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"
US stocks are strongly back into the green territory, putting on a short squeeze following the pre-market and opening selloff that ensued on the back of hot Consumer Price Index data. Stocks plunged to lows for the year but bulls moved in at a big discount, sending the Dow Jones and S&P 500 higher by …<\/p>\n","protected":false},"author":13,"featured_media":73962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6827,49,39,36],"tags":[6978,7587],"class_list":["post-73955","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-daily-economic-reports","category-economic-reports","category-global-stock-markets","category-market-updates","tag-cpi","tag-us-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73955"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73955\/revisions"}],"predecessor-version":[{"id":73960,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73955\/revisions\/73960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/73962"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}