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U.S. stocks recovered from early losses and were mostly flat on Thursday after December inflation was slightly higher than economists expected, raising new questions about the Federal Reserve’s interest rate policy The transaction was completed.
The S&P 500 (^GSPC), which was down 0.8% during the session, closed almost flat. The Dow Jones Industrial Average (^DJI) and Nasdaq Composite (^IXIC) are trading just above break-even.
Interest rate-sensitive sectors were the biggest laggards, with real estate and utility stocks closing lower.
Stocks struggled this week as investors counted down December’s U.S. consumer inflation data. This measure showed a slightly larger than expected increase as prices rose 0.3% month-over-month and 3.4% year-over-year. On a “core” basis, which excludes the volatile food and energy sectors, inflation rose 3.9% over the past year.
The print publication was seen as important for traders, who have been increasingly pricing in the possibility of a “soft landing” (inflation retreating to 2% without a recession) since the last CPI report.
Meanwhile, the US Spot Bitcoin ETF (full list here) began trading on Thursday after the SEC granted regulatory approval on Wednesday.
Bitcoin (BTC-USD) hovered above $46,000 per token, but rival Ethereum (ETH-USD) amid bets that the second-largest token will be the next to be greenlit into an ETF. has skyrocketed.
Ahead of Friday’s quarterly earnings report, Citigroup (C) announced that it would take more than $3 billion in one-time provisions and expenses to close the year. The fourth quarter earnings season is critical for the stock market given the dismal performance so far this year.
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