Daily Stock Market News

Latest Stock Market News: Crypto crisis hits FTX, stocks jump after mega rally, Home

U.S. equity futures looked to continue the rally in stocks that was sparked on Thursday following a better-than-expected inflation report.

The major futures indexes suggest a rise of 0.7% or a gain of more than 150 points on the Dow, the day after that index soared 1,200 points.

It was the biggest one-day gain for the Dow in more than two years.

Inflation cooled more than expected in October, but consumer prices remained near a multi-decade high, continuing to squeeze millions of U.S. households and small businesses.

The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in October from the previous month. Prices climbed 7.7% on an annual basis. 

Those figures were both lower than the 8% headline figure and 0.5% monthly increase forecast by Refinitiv economists.

The yield on the 10-year Treasury, which helps set rates for mortgages rates for mortgages and other loans, was at 3.81% on Friday.

Oil prices gained Friday after a milder than expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes.

Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand.

U.S. West Texas Intermediate (WTI) crude futures traded around $87.00 a barrel.

Brent crude futures traded around $94.00 a barrel.

On Wall Street, the S&P 500 gained to 3,956.37, propelled by big gains for tech heavyweights. Amazon soared 12.2%, Apple rose 8.9% and Microsoft climbed 8.2%.

The Dow Jones Industrial Average gained 3.7%, or more than 1,200 points, to 33,715.37.

The Nasdaq composite, dominated by tech stocks, shot up 7.4% to 11,114.15 for its best day since March 2020,

Asian stock markets surged Friday.

The Nikkei 225 in Tokyo gained 2.9%, Hong Kong’s Hang Seng index soared 7.7% and China’s Shanghai Composite Index added 1.7% after the ruling Communist Party promised to alter quarantine and other anti-virus tactics to reduce the cost of China’s severe “zero-COVID” strategy, according to the Associated Press.

Read More: Latest Stock Market News: Crypto crisis hits FTX, stocks jump after mega rally, Home

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