US Market Reaction To Latest Inflation Rate; Dow Jones, S&P 500, Nasdaq Closing Prices On Wed, November 13

The US market closed mixed on Wednesday, November 13, however, the upside in Dow Jones, and S&P 500 was fractional, while the Nasdaq Composite index ended in the red zone. Investors' sentiment was hugely driven by US inflation data for October 2024 month. The country's consumer price index (CPI) inflation inched up to 2.6% in October 2024.

The latest inflation print is in line with market expectations, however, continued to remain higher than the US Federal Reserve's target of 2%. Notably, this also marks the first surge in CPI after seven months. The inflation print has been easing since March to September 2024. In the last month, CPI was at 2.4% which was the lowest since February 2021.

For October 2024, as per the U.S. Bureau of Labor Statistics data, the all items less food and energy index rose 3.3 per cent over the last 12 months. Among sectors, the energy index decreased 4.9 per cent for the 12 months ending October. The food index increased by 2.1 per cent over the last year.

US Market Reaction On November 13:

Dow Jones: The Dow Jones Industrial Average or DJIA ended at 43,958.19, up by 47.21 points or 0.11%. The index ranged between intraday high and low of 44,141.33 to 43,829.98 during the day.

S&P 500: This index edged up by 1.39 points or 0.023% to close at 5,985.38. The index also ranged between 6,008.19 to 5,965.91.

Nasdaq Composite: The tech-heavy index dipped by 50.68 points or 0.26% to end at 19,230.72. The index ranged between 19,358.48 to 19,358.48 during the day.

Talking about market performance, Trading Economics data said, the three major US indices finished near the flatline on Wednesday, as investors weighed the latest inflation figures, which came in line with forecasts.

The Consumer Price Index increased 2.6% year-over-year, with core inflation at 3.3%, both aligning with forecasts. This reinforced the Federal Reserve's potential December rate cut, with CME FedWatch showing an 80% chance, it added.

In corporate news, Super Micro Computer plunged 6.4% after announcing delays in filing its quarterly earnings report. On the other hand, Tesla added 0.5% trimming earlier gains after President-elect Trump announced Elon Musk would lead the Department of Government Efficiency alongside Vivek Ramaswamy. Rivian surged 13.6% as Volkswagen revealed plans to invest up to $5.8 billion in the company, exceeding their prior $5 billion agreement, Trading Economics cited.