Wednesday, December 13, 2023

Today's US Stock Market 12/13/2023

The Producer Price Index was unchanged in November, showing no inflation and less than the 0.1% increase expected. The measure of costs for producers compared with a 0.4% decline in October.10 Year Treasury yield  (TNX) dropped to 4.174%.

Federal Open Market Committee is likely to keep the federal funds rate target range at its current 5.25%-5.50% level at the end of its meeting today. Investors will look for clues in the policymakers' projections in the dot plot and in Chair Jerome Powell's language during his post-meeting press conference.

Oil prices dropping to 6 month lows on over supply and demand concerns. Russian crude exports jumped to the highs since July and oversupply concerns and growing doubt on the recent output cut agreement by OPEC+.

Bitcoin has corrected down to near $40000 support and is bouncing back up. It may be a good time to buy back in Bitcoin and related stocks.

Bank of America says small caps stock 'still cheap' despite rally. Russell 2000 forward PE increased to 13.5 in November from 12.3 in October, but it is still cheap compare with forward PE for mid/large cap and mega cap at 21% and 27 % respectively.

Pfizer (PFE) lost 8.6% after the company announced lower-than-expected guidance for 2024, including the impact of its new acquisition target Seagen (SGEN). Tesla (TSLA) recalls over 2 million EVs to fix faulty Autopilot. TSLA is down 1.67%.

US stock market is holding steady today ahead of Federal Reserve's decision on interest rate at 11AM Pacific Time. Market trend is up and nobody wants to sell. It is not likely there will be any thing negative come out of the Fed meeting. so it is likely that the market rally will continue after interest rate decision.




No comments:

Post a Comment