Reported 11 days ago
US stocks saw an uptick as traders absorbed October's inflation data, which aligned with expectations showing a 2.6% annual increase and a 0.2% rise for the month. The results boosted hopes for a potential quarter-point rate cut by the Federal Reserve in December, with market probabilities for such a cut rising significantly. Key indices posted gains, while Tesla's shares surged after positive news regarding Elon Musk's appointment. However, concerns linger about future rate cuts due to inflation rates remaining above the Fed's target.
Source: YAHOO