S&P 500 and Stocks Hold Well Despite Jump in US CPI, Pointing Higher

Today most markets turned volatile after the US inflation report, but the S&P 500 is literally unchanged, as stocks consolidate the gains.

Written by: Skerdian Meta • Wednesday, November 13, 2024 • 2 min read

Today most markets turned volatile after the US inflation report, but the S&P 500 is literally unchanged, as stocks consolidate the gains.

S&P 500 closed the day above 6,000 points

Almost everything went down against the USD today as October PCI inflation jumped higher, but not stock markets, which shows that the buying pressure is strong and the upside will pick up again soon. During today’s session, the NASDAQ index was initially on track to close at a record high but saw gains retreat by the end of trading. The S&P 500 also reached a session peak near record levels before pulling back, with minimal net change by closing.

S&P 500 Chart Daily – The Retrace Has Been Very Shallow

The Dow Industrial Average showed a small increase, while the NASDAQ closed slightly lower. The Russell 2000 small-cap index experienced the largest drop, declining nearly 1%. The primary US indices gave up record-level gains as the session drew to a close. In the final hour, the NASDAQ surrendered earlier gains, and the S&P 500 fell back below the 6,000 mark, highlighting mixed performance across the market.

Closing Levels for Main US Indices

Dow Industrial Average: +47 points (+0.10%) at 43,958 points
S&P 500: +1.50 points (+0.02%) at 5,985
NASDAQ: -50 points (-0.3%) at 19,230
Russell 2000: -22 points (-1%) at 2,369

Performance of “Magnificent Seven”:

Amazon: +2.50%
Nvidia: -1.40%
Meta: -1.00%
Microsoft: +0.50%
Alphabet: -1.50%
Apple: +0.35%
Tesla: +0.55%

The tech sector was varied, with major stocks moving in different directions, indicating shifting market conditions and investor sentiment. Among today’s standout performers, Tesla (TSLA) led the consumer cyclical sector with a notable 2.7% increase, likely driven by optimistic forecasts for electric vehicles and strong quarterly sales projections, which continued to bolster investor confidence.

European Stock Indices Closing Prices:

German DAX: -55 points (-0.25%) at 18,977
France’s CAC: -10 points (-0.20%) at 7,216
UK’s FTSE 100: +5 points (+0.05%) at 8,030
Spain’s IBEX: -22 points (-0.20%) at 11,360
Italy’s FTSE MIB: +100 points (+0.30%) at 33,707

S&P 500 Live Chart

S&P500

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.