U.S. stocks were a mixed bag today, as the market reacted to the release of PCE price inflation data.
At the market’s opening, the Dow gained 0.12% to reach 38,096.06, while the NASDAQ dropped 0.19% to 15,481.44. The S&P 500 also saw a decline, dropping 0.05% to 4,891.94.
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Sector Movement
Health care shares made gains of 0.5% on Friday.
In contrast, information technology shares fell by 0.8% during trading today.
Key Findings
The headline PCE annual inflation rate held steady at 2.6% in December, in line with both the previous and expected rate. On a monthly basis, the PCE price index rebounded with a 0.2% increase, recovering from a 0.1% decline in November and matching the predicted 0.2% rise.
Winners and Losers in Stock Trading
Shares of Inspire Veterinary Partners, Inc. (IVP) soared by 110% to $0.4067 after a jump of over 22% the previous day.
Corbus Pharmaceuticals Holdings, Inc. (CRBP) also saw a boost, surging by 112% to $17.92 following the announcement of data from the first-in-human clinical study of CRB-701.
Meanwhile, Yoshitsu Co., Ltd (TKLF) shares plummeted by 60% to $0.3102 after announcing the pricing of a $4.0 million registered direct offering and private placement.
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Commodities and Global Markets
In commodity news, oil traded down 0.4% to $77.05 while gold traded up 0.2% at $2,020.80. Silver traded up 0.1% to $22.93, and copper rose 0.1% to $3.8725.
European shares soared today, with the eurozone’s STOXX 600 climbing 1.1%, London’s FTSE 100 rising 1.5%, and Spain’s IBEX 35 Index also rising by 0.2%. Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.86 trillion in December. Spain’s unemployment rate fell to 11.76% in the fourth quarter from 11.84% in the prior quarter. The consumer confidence indicator in France rose to 91 in January from 89 in the prior month, while the GfK Consumer Climate Indicator for Germany declined to -29.7 heading into February versus a revised reading of -25.4 in January.
Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 1.34%, Hong Kong’s Hang Seng Index declining 1.60%, and China’s Shanghai Composite Index gaining 0.14%.
The index of leading economic indicators in Japan was revised lower to 107.6 in November versus the preliminary reading of 107.7, while the index of coincident economic indicators rose to 114.6 in November from a flash reading of 114.5.
Economic Indicators
U.S. personal spending rose by 0.7% from a month ago in December, while personal income rose by 0.3%.
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