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Stocks Recover After Inflation Reading Sparks Concerns About Fed’s Interest Rates

The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite were able to recover from earlier losses on Thursday, ending the session mostly flat. The recovery followed a new reading on December inflation that was slightly hotter than what economists had predicted, raising fresh questions about the Federal Reserve’s course of action on interest rates.

Interest rate-sensitive sectors, such as real estate and utility stocks, ended the session lower, while the energy sector saw a slight increase. The inflation reading for December showed a slightly bigger jump than expected, with prices rising 0.3% month over month and 3.4% year over year. On a “core” basis, which excludes volatile food and energy categories, inflation rose 3.9% over the past year. This data was seen as critical for traders who have been increasingly pricing in the likelihood of a “soft landing” since the last CPI report.

The US spot bitcoin ETFs began trading on Thursday after regulatory approval was given by the SEC, and both bitcoin and ether saw price movements in response to this development. Additionally, Citigroup announced that it will take more than $3 billion in one-time reserves and expenses in the results. The upcoming fourth-quarter earnings season is anticipated to have a crucial impact on the stock market.

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