CNBC Daily Open: U.S. inflation edged up but investors aren’t fazed
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 28 2024
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Source: CNBC
Inflation and Market Trends: In October, inflation rose slightly with the personal consumption expenditures price index increasing by 0.2% monthly and 2.3% annually, while U.S. stock markets fell, breaking a seven-day winning streak amid profit-taking in Big Tech stocks.
Bitcoin Recovery and Economic Outlook: Bitcoin rebounded by 5.4% to $96,169.36, contrasting with falling U.S. indexes, as investors anticipate potential interest rate cuts by the Federal Reserve, with a growing likelihood of a 25 basis point reduction at the December meeting.
Analyst Views on SPY
Wall Street analysts forecast SPY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SPY is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 688.980
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Current: 688.980
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
