Royal Assets - Dow Drops After Inflation Data; Alloy Stock Rises As Apple Partner Prices IPO

After inflation statistics fueled concerns about rate rises, the Dow Jones Industrial Average rebounded from session lows. At 4 p.m. ET Wednesday, the index was down 0.2%.
NORTH BRIDGE ROAD, Singapore - Sept. 20, 2023 - PRLog -- The S& P 500 recovered early losses and increased 0.1% at the close, while the Nasdaq excelled, climbing 0.3%. All three indices are trading close to their 50-day moving averages.

When compared to the same period Tuesday, volume on the NYSE was lower but higher on the Nasdaq.

The Russell 2000 small-cap index fell 0.8%.

The Innovator IBD 50 ETF (FFTY) dropped 1%.

Crude oil was trading at $88.57 a barrel, a 0.3% decrease.

The 10-year Treasury note rate declined one basis point to 4.24%.

According to Econoday, August inflation was more than forecast, climbing 3.7% year on year after gaining 3.2% in July. Rising gas costs contributed significantly to the rise. However, core inflation, which includes more volatile food and energy costs, grew by 0.3%, above consensus expectations of 0.2%.

Both retail sales and the producer price index for August are due on Thursday. The CME FedWatchTool predicts a 3% likelihood of a rate rise in September, but a 40.8% chance in November.

Dow Jones Indices

Visa (V) is in a buy range with a purchase point of 245.37. The stock is nearing an all-time high of 252.67. From a 37.19 entry, Intel (INTC) is towards the top of its buy range. The stock has broken through barrier at approximately 37. Microsoft (MSFT) has recovered from its 50-day low.

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