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Benchmark US indices wrapped up the last day of the trading week flat on Friday, December 10, after the latest economic data showed inflation rose to a nearly 40-year high.
The S&P 500 climbed 0.96% to 4,712.05. The Dow Jones increased 0.61% to 35,971.13. The NASDAQ Composite was up 0.73% to 15,630.60, and the small-cap Russell 2000 declined 0.44% to 2,210.51.
The consumer price index (CPI) rose 6.8% in November YoY, the highest annual increase in more than 39 years, the Labor Department said on Friday. On a monthly basis, the CPI growth was 0.8%. Core inflation, which does not include food and energy, rose 0.5% monthly and 4.9% annually.
Economists said higher inflation was due to persistent supply issues and rising energy costs. The cost of rentals, used cars, etc., also increased. The data was in line with analysts’ expectations.
Ten of the 11 segments of the S&P 500 index remained in the positive territory. Consumer staple, technology, and utility stocks were the top gainers. Communication and financials were the laggards.
In the technology sector, Oracle Corporation (ORCL) surged more than 16% on better-than-expected earnings in the second quarter of FY2022 and an upbeat outlook for the next quarter.
Costco Wholesale Corporation (COST) stock jumped over 6% on strong quarterly results. Its first-quarter FY22 earnings beat expectations. Its net sales rose 16.7% YoY. Broadcom Inc. (AVGO) stock surged after positive quarterly earnings and outlook and a US$10 billion share buyback program.
In the consumer staples sector, Hormel Food Corporation (HRL) stock surged 2.23%, Coca-Cola Company Inc. (KO) grew 2.16%, and Kroger Company (KR) increased 2.13%. Estee Lauder Companies Inc. (EL) and Walmart Inc. (WMT) surged 1.59% and 1.34%, respectively.
In the information technology sector, Apple Inc. (AAPL) stock rose 1.86%, Microsoft Corp. (MSFT) grew 2.13%, and Visa Inc. (V) was up 0.94%. Juniper Networks Inc. (JNPR) increased 3.50%, and Gartner Inc. (IT) grew 3.38%.
In the consumer services sector, Twitter Inc (TWTR) fell 2.74%, Match Group Inc. (MTCH) declined 1.63%, and Activision Blizzard Inc. (ATVI) was down 1.63%. Meta Platform Inc. (FB) and Netflix Inc. (NFLX) decreased by 0.75% and 0.40%, respectively.
The global crypto market fell 0.72. Bitcoin (BTC) was up 0.78% to around US$48,176 at 2.52 pm ET.
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Futures & Commodities
Gold futures climbed 0.35% to US$1,783.00 per ounce. Silver futures increased by 0.79% to US$22.188 per ounce, while copper declined 0.93% to US$4.2925.
Brent oil futures increased by 1.28% to US$75.37 per barrel and WTI crude futures were up 1.49% to US$72.00.
Bond Market
The 30-year Treasury bond yields increased 0.88% to 1.883, while the 10-year bond yields were down 0.11% to 1.485.
US Dollar Futures Index declined 0.20% at US$96.060.
