US stocks rise as traders wait for inflation data

October 11, 2023US stocks rose for the fourth day in a row today, as traders awaited the customer cost index report to be launched on October 12. The Dow Jones Industrial Average increased by 65.57 points (0.19%), to 33,804.87. The S&P 500 acquired 18.71 points (0.43%), closing at 4,376.95. The Nasdaq increased by 96.83 points (0.71%), ending the day at 13,659.68. S&P 500 one-day chart for 10-11-2023. Source: MSN Money.Despite todays uptick, stock prices are lower than they were in July, as fears of rate of interest increases have controlled the market story since then. Bears anticipate inflation to rise faster than expected, triggering the Fed to respond with more rate hikes, while bulls are more positive that inflation will remain under control and not require rate of interest to increase much even more. The Bureau of Labor Statistics is expected to launch inflation data for September tomorrow. Economic experts surveyed by Dow Jones have estimated that the US experienced an inflation rate of 0.3% in the month.Minutes for the September Federal Open Market Committee meeting were released today, revealing that the majority of members expect that a minimum of one more rate hike will be required this cycle, although some members disagreed with this majority viewpoint. All members concurred that rates will need to remain high until adequate proof proves that inflation is returning to 2% per year.The 10-year and two-year United States Treasury yields relocated opposite instructions over the course of the day. The 10-year fell by 0.1 points, to 4.564%. The two-year rose by 0.002 points, to 4.986%. The yield-curve remains inverted, which some traders consider as a sign of an approaching recession.Despite the Feds talk of rate of interest boosts, gold traders stayed bullish. Gold acquired $13.81, rising to $1,873.56 per Troy Ounce. Oil declined, with West Texas Intermediate falling $2.62 per barrel, to $83.33 and Brent crude falling $2.03 per barrel, to $85.62. Oil rose over 4% on Monday, when traders started to fear that new Iran sanctions might be imposed due to the Israel-Hamas conflict. It started to slip back to lower levels on Tuesday after Iran rejected involvement in the dispute, and this decrease has actually continued today.West Texas Intermediate crude one-day chart, 10-11-2023. Source: MSN Money.In the forex market, the US Dollar Index fell 0.1%, to 105.73. The euro rose 0.1275%, to 1.0622. The yen fell 0.2777%, triggering the number of yen required to purchase a dollar to rise to 149.1180. Some traders expect the Bank of Japan to step in if this number increases above 150. Details for this news item was sourced from CNBC, Marketwatch, Kitco, Business Insider and MSN Money.Vintage Markets is committed to the thorough expedition and reporting of traditional financial news, tracing the journey of worldwide markets and economies from Stone Age to Stoned Age.

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Economic experts surveyed by Dow Jones have approximated that the US experienced an inflation rate of 0.3% in the month.Minutes for the September Federal Open Market Committee meeting were released today, revealing that the majority of members anticipate that at least one more rate hike will be required this cycle, although some members disagreed with this bulk perspective. All members concurred that rates will need to remain high until sufficient evidence shows that inflation is moving back to 2% per year.The 10-year and two-year United States Treasury yields moved in opposite directions over the course of the day. The euro rose 0.1275%, to 1.0622. The yen fell 0.2777%, triggering the number of yen needed to purchase a dollar to rise to 149.1180.