{"id":859,"date":"2023-10-13T20:31:53","date_gmt":"2023-10-13T20:31:53","guid":{"rendered":"https:\/\/connectwithfund.com\/economy\/u-s-stocks-score-fourth-day-of-gains-after-fed-minutes-wholesale-inflation-data\/"},"modified":"2023-10-13T20:31:54","modified_gmt":"2023-10-13T20:31:54","slug":"u-s-stocks-score-fourth-day-of-gains-after-fed-minutes-wholesale-inflation-data","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=859","title":{"rendered":"U.S. stocks score fourth day of gains after Fed minutes, wholesale inflation data"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002602057\" role=\"document\">\n<p>U.S. stock indexes closed higher Wednesday, as traders digested minutes from the Federal Reserve\u2019s last policy meeting and data from the September producer-price index, which showed a measure of wholesale prices rose more than expected. <\/p>\n<h2>How stocks traded <\/h2>\n<ul class=\"articleList\">\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       ended up 18.71 points or 0.4% to 4,376.95<\/p>\n<\/li>\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       rose 65.57 points or 0.2% to end at 33,804.87<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       finished 96.83 points or 0.7% higher to 13659.68.<\/p>\n<\/li>\n<li>\n      The Dow rose 2% over the last four trading days, the largest 4-day percentage advance since August 30, according to Dow Jones Market Data.<\/p>\n<\/li>\n<\/ul>\n<p>On Tuesday, the Dow industrials rose 134.65 points, or 0.4%, to end at 33,739.30. The S&amp;P 500\u00a0gained 22.58 points, or 0.5%, to finish at 4,358.24 and the Nasdaq Composite gained 78.60 points, or 0.6%, to close at 13,562.84. <\/p>\n<div class=\"paywall\">\n<h2>What drove markets<\/h2>\n<p>U.S. stocks finished higher Wednesday, after minutes of the Federal Reserve\u2019s September policy meeting show that officials were \u201chighly uncertain\u201d about the future path of the economy and decided to proceed in a careful meeting-by-meeting approach to interest-rate policy.<\/p>\n<p>\u201cA vast majority of participants continued to judge the future path of the economy as highly uncertain,\u201d the minutes said.<\/p>\n<p><strong>See<\/strong>: Fed minutes show officials wary about the outlook and wanting to move carefully<\/p>\n<p>\u201cEchoing the recent message of data dependence, it would be difficult to argue that the minutes were notably hawkish or dovish,\u201d analysts at Capital Economics wrote in a Wedesnday note. <\/p>\n<p>\u201cAlthough they confirmed that \u2018a majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate,\u2019 that was far from a unanimous view,\u201d the analysts noted. \u00a0<\/p>\n<p>Fed Governor Christopher Waller said Wednesday that  tighter financial conditions are set to do some of the central bank\u2019s work for it. <\/p>\n<p>The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       continued to retreat from the 16-year highs reached last week, off 5.8 basis points on Wednesday to around 4.596%, while the yield on the 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       advanced 2.1 basis points, at 5.003%, according to Dow Jones market data. <\/p>\n<p>Meanwhile, the latest wholesale inflation report showed the September producer-price index increased 0.5% for the month, bolstered by higher energy costs. That was down slightly from a 0.7% increase in August, but above the Dow Jones consensus of a 0.3% gain. The core PPI, which strips out food, energy and trade services components, rose 0.2% in September, in line with expectations. <\/p>\n<p>The U.S. consumer price index report for September will be published before Thursday\u2019s opening bell on Wall Street.<\/p>\n<p><strong>See: <\/strong>Producer price inflation comes in a little hotter in September, highest annual rate in five months<\/p>\n<p>Gregory Daco, chief economist at EY, said he is not concerned about the PPI inflation trajectory despite \u201cthe energy bump in the road.\u201d <\/p>\n<p>\u201cWhile the disinflationary impulse from easing supply chain strains is largely over, the all-important PPI for trade services \u2014 a proxy for margins \u2014 has shown significant disinflation which should in turn feed into lower consumer price inflation,\u201d he said in emailed comments on Wednesday.<\/p>\n<p><strong>See:<\/strong> 10-year Treasury yield falls further to two-week low despite hot producer price inflation<\/p>\n<p>To have a more sustainable reversal toward a 4% 10-year Treasury yield, signs of a bona fide consumer-led slowdown need to emerge, which may get the Fed to eventually drop the\u00a0\u201chigher-for-longer\u201d interest-rate narrative, said Thierry Wizman, global FX and interest rates strategist at Macquarie.<\/p>\n<p>\u201cWatch Q4 guidance from consumer companies for the first rumblings of a consumer slowdown,\u201d he added.<\/p>\n<p>Traders also were awaiting the start of the third-quarter company earnings reporting season, which gets in full swing when banks that include JPMorgan Chase<br \/>\n        JPM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205971034\/composite\" class=\"positive\">+1.50%<\/bg-quote><span>,<\/span><br \/>\n       Citigroup<br \/>\n        C,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207741460\/composite\" class=\"negative\">-0.24%<\/bg-quote><span>,<\/span><br \/>\n       and Wells Fargo<br \/>\n        WFC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203790192\/composite\" class=\"positive\">+3.07%<\/bg-quote><br \/>\n       deliver their numbers on Friday. <\/p>\n<p><strong>See:<\/strong> Q3 earnings are here: S&amp;P 500 heads toward year of profit declines as JPMorgan, and Delta report this week <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Exxon Mobil<\/strong><br \/>\n        XOM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204455864\/composite\" class=\"positive\">+3.19%<\/bg-quote><br \/>\n       closed 3.6% lower on Wednesday after the company reached an agreement\u00a0to purchase shale-drilling company\u00a0<strong>Pioneer Natural Resources<\/strong>\u00a0<br \/>\n        PXD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206736173\/composite\" class=\"positive\">+3.30%<\/bg-quote><br \/>\n       for $59.5 billion in stock.\u00a0Shares of Pioneer Natural\u00a0Resources rose 0.9%.<\/p>\n<\/li>\n<li>\n      <strong>DaVita Inc.<\/strong><br \/>\n        DVA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204229673\/composite\" class=\"negative\">-0.80%<\/bg-quote><span>,<\/span><br \/>\n       a dialysis-services provider, plunged 16.7% and the U.S.-listed shares of\u00a0<strong>Fresenius Medical Care<\/strong>\u00a0<br \/>\n        FMS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057637\/composite\" class=\"positive\">+1.06%<\/bg-quote><br \/>\n       declined 17.6% after the trial success of Novo Nordisk\u2019s hit drug against kidney failure sent shares of kidney dialysis services firms plummeting.<\/p>\n<\/li>\n<\/ul>\n<p>\u2014 Jamie Chisholm contributed <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-stall-ahead-of-inflation-data-and-fed-minutes-ff1e2788?mod=economy-politics\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stock indexes closed higher Wednesday, as traders digested minutes from the Federal Reserve\u2019s last policy meeting and data from the September producer-price index, which showed a measure of wholesale prices rose more than expected. How stocks traded The S&amp;P 500 SPX ended up 18.71 points or 0.4% to 4,376.95 The Dow Jones Industrial Average DJIA rose 65.57 points or 0.2% to end at 33,804.87 The Nasdaq Composite COMP finished 96.83 points or 0.7% higher to 13659.68. The Dow rose 2% over the last four trading days, the largest 4-day percentage advance since August 30, according to Dow Jones Market<\/p>\n","protected":false},"author":1,"featured_media":860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks score fourth day of gains after Fed minutes, wholesale inflation data | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"U.S. stock indexes closed higher Wednesday, as traders digested minutes from the Federal Reserve\u2019s last policy meeting and data from the September\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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