CPI data for the month of October came in tamer than expectations with the headline number rising by 0.0% month on month (versus expectations of 0.1%). The core measure rose by 0.2% (versus expectations of 0.3%). Although the year-on-year levels are still above the 2% targets at 3.2% and 4.0% respectively they are well off year-ago levels. The market is now pricing in 4 rate cuts in 2024.
The Russell 2000 index was the biggest mover today with a gain of 5.44%. That was the largest gain since November 10, 2022 and far outpaced the 2023 largest gain of 3.561% from June 2, 2023.
A snapshot of the closing levels for the other major indices shows:
- Dow industrial average rose 489.83 points or 1.43% at 34827.71
- S&P index rose 84.17 points or 1.91% at 4495.71
- NASDAQ index rose 326.63 points or 2.37% at 14094.37
Looking at the daily chart of the S&P index its high price at 4508.67 got within 2-3 points of the low of a swing area between 4511.99 and 4541.25 (see chart below).
![S&P](https://images.forexlive.com/images/S%26P_id_2aa4ea05-4f36-4db2-8edd-b6797df8bb40_original.jpg)
Looking at the NASDAQ index, it is moving closer to its next target at 14149.62. The high price today reached 14124.06.
![NASDAQ](https://images.forexlive.com/images/NASDAQ_id_27f79a3b-5eea-4056-8cc6-4f483ff7bd3b_original.jpg)
For the Russell 2000, it moved back above its 50-day moving average at 1753.62, but remains below its 200-day moving average at 1827.65 and 100-day moving average at 18233.82. The gain in the index today took the price above its closing level from 2022.
![Russell 2000](https://images.forexlive.com/images/Russell%202000_id_2c80824b-1bb0-42c6-9c6c-4e88f893992f_original.jpg)
The Russell 2000 is now up 2.10%. By comparison, the
- NASDAQ index is up 34.66%,
- S&P index is up 17.09%, and
- Dow industrial average is up 5.07%.
25 of 30 Dow stocks rose led by:
- Home Depot up 5.46%
- Walgreens up 4.56%
- Dow up 3.68%
- Goldman Sachs up 3.64%
- Intel +3.01%
The losers in the Dow included:
- Walmart -0.01%
- Procter & Gamble -0.22%
- Merck and Company -0.28%
- UnitedHealth -0.40%
- Travelers -1.39%
Some of the other big winners in the market included:
- First Solar, +11.43%
- AIRBnB +6.32%
- Tesla +6.12%
- Block +5.96%
- Goodrx +5.94%
- PNC +5.94%
- Ford, +5.86%
- Moderna, +5.54%
Some losers today included:
- Celsius -3.48%
- RTX Corp, -1.66%
- Exxon Mobile, -1.65%
- Chubb, -1.16%
- Gilead, -0.28%
- Lockhead Martin -0.19%
- General Mills -0.02%