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Dow jumps more than 180 points, approaches new 2023 high after more cooling inflation data: Live updates

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14 Mins Ago

Stocks open slightly higher

Here’s how the major indexes opened on Thursday:

— Pia Singh

32 Mins Ago

Fed’s John Williams sees interest rates high ‘for quite some time’

New York Federal Reserve President John Williams said Thursday he expects the central bank will have to hold interest rates at a “restrictive” level to get inflation back to target.

“I expect it will be appropriate to maintain a restrictive stance for quite some time to fully restore balance and to bring inflation back to our 2 percent longer-run goal on a sustained basis,” Williams said in prepared remarks.

However, he also said he thinks the Fed is “at, or near, the peak level” of where it needs to set the fed funds rate, the central bank’s benchmark for short-term lending. Williams added that he expects inflation to recede to about 2.25% in 2024 before it gets back to target the following year.

—Jeff Cox

An Hour Ago

Stocks making the biggest moves premarket

Check out the companies making headlines before the bell:

  • Salesforce — Salesforce popped more than 9% after the cloud software company reported fiscal third-quarter earnings that beat analysts’ expectations. The company posted adjusted earnings of $2.11 per share on $8.72 billion in revenue. Salesforce also shared stronger-than-expected guidance for its fiscal fourth quarter.
  • Nutanix — Nutanix shares climbed 8.8% after the computer software company reported fiscal first-quarter earnings that topped estimates. Nutanix posted adjusted earnings of 29 cents per share, more than the 17 cents per share expected by analysts polled by LSEG. Its revenue of $511 million also topped the $501 million consensus estimate.
  • Snowflake — The cloud stock gained 7.7% after Snowflake’s third-quarter earnings surpassed analysts’ expectations. Snowflake posted adjusted earnings of 25 cents per share on revenue of $734 million. That was better than the earnings of 16 cents per share on revenue of $713 million expected by analysts polled by LSEG. It issued fourth-quarter product revenues guidance that also came in above expectations.

Read the full list here.

— Sarah Min

2 Hours Ago

Oil rises as market awaits pivotal OPEC decision

Oil price rose Thursday morning amid reports that OPEC and its allies will likely agree to a preliminary production cut of 1 million barrels per day for early next year.

The West Texas Intermediate Contract for January rose 52 cents, or .67%, to $78.38 a barrel, while the Brent crude contract for January gained 88 cents, or 1.06%, to trade at $83.98 a barrel.

OPEC and its allies, OPEC+, are holding a crucial meeting today on output targets for 2024.

Two OPEC delegates told Reuters that Saudi Arabia will rollover its voluntary cuts while other members will implement smaller curbs for a total of 1 million bpd.

— Spencer Kimball

2 Hours Ago

Euro zone inflation rises less than expected

Annualized inflation in the euro zone expanded by 2.4% in November, less than a Reuters estimate of 2.7%. It’s also well below an October reading of 2.9%. Core inflation also increased less than expected.

“For the third month in a row, Euro Area inflation surprised markets and forecasters strongly on the downside today,” Deutsche Bank senior economist Marc De Muizon said in an email. “The November inflation flash prints confirmed price pressures are coming down quickly across all components of the inflation basket. This print confirms that Euro Area domestic inflation is slowing much faster than anticipated by ECB forecasts a few months ago.”

The data lifted global sentiment, as it showed inflationary pressures may be easing. European stocks rose broadly, while U.S. stock futures climbed.

— Fred Imbert

3 Hours Ago

Sentiment starting to get ‘a bit frothy,’ BTIG says

BTIG chief market technician Jonathan Krinsky noted late Wednesday that “things are starting to get a bit frothy.”

Specifically, the ISEE call/put ratio for stocks closed at its highest level since June and second highest of 2023, he said. Krinsky also pointed out the Cboe Equity Put/Call intraday ratio closed at its lowest level since July.

“Part of this we welcome as we continue to expect some of the laggards to play catch-up, but we are also seeing the ‘MEME’ stocks run again,” he said.

— Fred Imbert

6 Hours Ago

European markets opened higher on the last day of November

European markets opened higher on the last day of the month, but sectors were mixed.

Oil and Gas stocks were last up by close to 1%, while chemicals dipped by around 0.4%.

The Stoxx 600 index was up by around 0.14% at 8:15 a.m. London time and hovered just below a 6% increase for the month of November.

— Sophie Kiderlin

15 Hours Ago

10 of 11 sectors on track to end month in positive territory

10 out of the 11 sectors are on pace so far to end this month in the green.

The technology sector led the gains, up 12.82% in November. Energy, down 2.27%, was the sole laggard.

Wednesday’s trading session saw 6 out of the 11 sectors end in the positive. Real estate, up 0.73%, led the gains. On the other hand, the communication services shed 1.12%.

Similarly, 6 out of 11 sectors are positive for the week, led again to the upside by real estate, which is so far up 1.63%. Communication services stocks were again the laggards, slipping 1.27%.

— Christopher Hayes, Lisa Kailai Han

15 Hours Ago

Stocks making the biggest moves after hours: Salesforce, Pure Storage and more

These are the stocks moving the most in extended hours trading:

  • Salesforce — The software giant added 8% after releasing third-quarter adjusted earnings of $2.11 per share, higher than the $2.06 per share analysts polled by LSEG were expecting. The firm’s third-quarter revenue of $8.72 billion fell in line with expectations.
  • Pure Storage — The data storage company lost 14%. Pure Storage anticipates fourth-quarter revenue will come in at $728 million, below the $918.7 million analysts had expected, according to FactSet. Pure Storage also guided for a full-year revenue of $2.82 billion, again below the expected $2.96 billion.
  • Five Below — The discount retailer was flat after coming in above analyst expectations for its third-quarter earnings.

Read the full list of stocks moving here.

— Lisa Kailai Han

15 Hours Ago

Stock futures open higher



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