Stock Market Breaking News: Crypto Crisis Hits FTX, Stocks Cautious After Mega Rally, Home Depot Veterans Day Surprise | November 11, 2022
US stock futures sought to continue the rally in equities that was sparked on Thursday following a better-than-expected inflation report.
The main futures indices suggest a rise of 0.7% or a gain of more than 150 points on the Dow Jones, the day after the soaring 1,200 points of this index.
This is the biggest one-day gain for the Dow in more than two years.
Inflation slowed more than expected in October, but consumer prices remained near a multi-decade high, continuing to weigh on millions of households and small businesses in the United States.
The Labor Department said Thursday that the consumer price index, a broad measure of the price of everyday goods, including gas, groceries and rents, rose 0.4% in October compared to the previous month. Prices climbed 7.7% on an annual basis.
Those figures were both lower than the headline figure of 8% and the monthly increase of 0.5% predicted by economists at Refinitiv.
The yield on the 10-year Treasury, which helps set rates for mortgages and other loans, was 3.81% on Friday.
Oil prices rose on Friday after softer-than-expected U.S. inflation data bolstered hopes that the Federal Reserve will slow rate hikes.
Prices were still expected to show a decline for the week after COVID-19 cases jumped in major oil importer China, raising fears of lower fuel demand.
U.S. West Texas Intermediate (WTI) crude futures were trading around $87.00 a barrel.
Brent futures were trading around $94.00 a barrel.
On Wall Street, the S&P 500 gained 3,956.37, propelled by big gains for tech heavyweights. Amazon climbed 12.2%, Apple 8.9% and Microsoft 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, jumped 7.4% to 11,114.15 for its best day since March 2020,
Asian stock markets jumped on Friday.
The Nikkei 225 in Tokyo gained 2.9%, Hong Kong’s Hang Seng index climbed 7.7% and China’s composite index in Shanghai rose 1.7% after the ruling Communist Party promised to modify quarantine and other anti-virus tactics to reduce the cost of the harsh “Zero-COVID Strategy,” according to The Associated Press.