US stocks steady after better inflation data

NEW YORK, Dec 1 — Wall Street stocks were mixed early today, as investors digest better inflation data a day after a big rally prompted by Federal Reserve comments suggesting moderation ahead in monetary policy.

Markets opened in a muted fashion after comments from Fed Chair Jerome Powell lifted major indices by more than two per cent. Investors had good reason to cheer Thursday as well, with the closely-watched personal consumption expenditures price index ebbing somewhat in October. That data, combined with lower jobless claims, “continues to favour a potentially softer landing for the economy,” said Briefing.com analyst Patrick O’Hare.The broad-based S&P 500 gained 0.3 per cent to 4,091.15, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 11,521.34.

Among individual companies, Salesforce tumbled around 10 per cent after some of its business operations took in lower revenues than expected. The software company announced that Bret Taylor would step down as vice chair and co-chief executive. — AFP

Source: News Formal (newsformal.com)

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