Dow futures rise as traders get more moderate inflation data ahead of Wednesday's Fed decision: Live updates

20 minutes ago

CPI rises 0.1% month-on-month in November

The consumer price index rose 0.1% in November compared to the previous month. Economists polled by Dow Jones expected the CPI to remain flat month-to-month. Year-on-year pressure was 3.1%, in line with expectations.

Excluding energy and food, CPI rose 0.3% month-on-month and 4% year-on-year – also in line with expectations.

—Fred Imbert

An hour ago

According to a CNBC poll, the Federal Reserve will begin cutting interest rates in mid-2024

Respondents to the latest CNBC Fed survey expect the central bank to begin cutting interest rates by the middle of next year and are more optimistic about the likelihood of a soft landing.

More than half of the 35 economists, strategists and analysts surveyed by CNBC expect June to be the first month of Fed rate cuts, while 69% expect another rate cut in July. The average forecast from respondents is for about 85 basis points of rate cuts in 2024.

Meanwhile, expectations of a soft landing also increased in the December survey compared to the previous month. Respondents increased the probability of a soft landing to 47%, up one basis point from November, while they reduced the probability of a recession in 2024 by 8 basis points to 41%.

—Brian Evans

2 hours ago

According to Vital Knowledge, this week’s “Big 3” events are likely to involve speeding

Adam Crisafulli of Vital Knowledge noted on Tuesday that the three most important events for the market this week – the US consumer price index on Tuesday, the Fed announcement on Wednesday and the ECB decision on Thursday – are likely to be “brakes” on the market and will not be “shitholes”.

“The enormous magnitude of the move over the last few weeks has canceled out many previous technical tailwinds (positioning, sentiment, etc.), leaving stocks without much of a short-term shelter,” he said. “However, the forces that have driven bonds and stocks higher are larger than any single central bank meeting or single economic release – the economy is returning to a state of relative normality as all COVID-era distortions are finally removed.”

—Fred Imbert

5 hours ago

A lukewarm opening in Europe

European stocks started Tuesday’s session cautiously.

The pan-European Stoxx 600 rose 0.1% in early trading, with household goods leading the way with a gain of 0.6%, while telecommunications stocks fell 0.9%.

-Elliot Smith

14 hours ago

Hasbro shares fall on layoff news

Hasbro, maker of My Little Pony and Nerf toys, said it would lay off about 1,100 of its employees, CNBC reported, citing a company memorandum.

The toymaker is struggling with weak sales that have continued into the holiday season and “likely will continue into 2024,” CEO Chris Cocks said in the memo.

Hasbro employed about 6,300 people at the beginning of the year.

Shares fell more than 5% in after-hours trading.

Read more about the layoffs—and the text of the full memo—here.

–Darla Mercado, Drew Richardson

14 hours ago

Lucid Group CFO resigns, shares fall

Struggling automaker Lucid Group suffered another blow on Monday.

Shares of the electric vehicle maker fell nearly 3% in extended trading after Lucid announced that Chief Financial Officer Sherry House is resigning effective immediately. Lucid said House is leaving the company to pursue other opportunities but will remain available as a consultant through the end of the year.

Lucid shares have already fallen more than 30% year to date. The stock closed at less than $5 per share on Monday, more than 90% below its all-time high in November 2021.

See grafic…

Lucid shares have fallen more than 90% since their record high.

14 hours ago

Key inflation readings are around the corner as the Federal Reserve prepares to meet

Traders will be watching for the November Consumer Price Index report, due Tuesday morning at 8:30 a.m. ET.

Economists surveyed by Dow Jones expect the consumer price index to have remained stable in November compared to the previous month, rising 3.1% on a 12-month basis.

The core CPI, which excludes fluctuating food and energy prices, was expected to have risen 0.3% month-on-month and 4.0% year-on-year.

The figures will be released as the Federal Reserve begins its two-day meeting where it will consider its latest interest rate policy decision and release its economic forecasts.

–Darla Mercado

14 hours ago

Futures open with little change

Stock futures opened little changed on Monday evening, with the three major contracts losing less than 0.1% each.

–Jesse Pound

14 hours ago

Oracle falls after losing sales

Shares of Oracle fell more than 7% in extended trading after the technology company’s second-quarter revenue fell short of expectations. According to LSEG, Oracle reported revenue of $12.94 billion, compared to analysts’ expectations of $13.05 billion.

According to StreetAccount, the revenue shortfall was due to below-estimated results in several segments, including cloud services and licensing support.

Shares of Oracle rose more than 40% in the year before the report.

–Jesse Pound