The Federal Reserve's preferred inflation measure rose at slower rate at 3% on an annual basis in October compared to the prior month, in the latest sign that the central bank's long-standing campaign of interest rate hikes may be working to corral price growth. Initial jobless claims for the week ended Nov. 25 rose by 7K to 218K, compared with the 219K expected and 211K prior (revised from 209K). Howevr, TLT is down 0.86% as 10 year yield back up to 4.344%.
Dow component Sales Force (CRM) surged 7.5% after annual guidance. UAW push to organize Tesla (TSLA) and non-union auto sector, ecompass companies such as Tesla, Toyota, Volkswagen, Hyundai, Rivian, Nissan, BMW and Mecedes-Benz . TSLA is down 1.3%.
Helped by strong CRM, Dow is up nearly 0.8% while weaker "Magnificient 7" stocks pull Nasdaq down 0.53% while the S&P 500 down 0.07%. Small cap index Russell 2000 is up 0.39%. Looks like investors are taking profits on tech stocks and rotate into under value sectors.
Dow is now trading above its July high of 35679, its next level of resistance is all time high at 36952. S&P500 and Nasdaq are still below their July highs at 4607 and 14446 respectively. US stock market trend is up but needs time to digest recent strong gains and break through their resistance before going higher.
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