Nasdaq surpasses 20,000 for the first time as a rally in technology companies sends stocks higher

the “The Magnificent Seven” Technology stocks rose in a post-inflation print rally on Wednesday.

alphabet (Google, Google), Microsoft (MSFT), Amazon (Amzn), dead (dead), Tesla (TSLA) and Nvidia (NVDA(All rose more than 1% while Apple shares rose)Apple) Inventory is also green.

At one point in the session, Alphabet, Tesla, Meta, Amazon, and Apple all touched record intraday highs. Meanwhile, Roundhill’s Magnificent Seven ETF (Cups), which tracks all seven stocks, also hit a record high. The group rose nearly 3% on Wednesday, far outpacing the S&P 500’s 0.9% gain.^ GSBC).

This is a continuation of the trend we have seen Since the beginning of December. In the past month, the Magnificent Seven ETF is up nearly 9% while the S&P 500 is up just more than 1%.

Here are some of the top trending trends on the Yahoo Finance home page…

Messi (M): Macy’s stock fell nearly 5% on Wednesday, recovering somewhat from earlier double-digit losses. Company It announced its official results for the third quarter Upon completion of an internal investigation into an employee concealing up to $151 million in expenses that led to a… Delay in reporting.

As Yahoo Finance’s Brock DePalma reported, the tepid earnings report was largely in line with… Preliminary results It was shared last month.

Macy’s reported adjusted earnings per share of $0.04, which beat Wall Street expectations of $0.03. Net sales decreased by 2.4% from last year to $4.74 billion, compared to the expected $4.75 billion. Same-store sales fell 1.3%, compared to estimates of 1.39%.

The company cut its full-year earnings guidance as it closed stores in a turnaround move. It now expects adjusted earnings per share of $2.25 to $2.50, versus its previous forecast of $2.34 to $2.69.

super micro computer (SMCI): Inventory Extended dipsdecreased by more than 8% Despite CEO Charles Liang’s comments, Who said on Tuesday that he did not believe the company would be delisted from the Nasdaq exchange.

As Yahoo Finance’s Laura Bratton reports, stocks She was on a road trip In recent months as the company continues to face the fallout from August a report By short-selling firm Hindenburg Research. The report cited alleged improper accounting practices, violations of export controls, and suspicious relationships between senior executives and SuperMicro partners.

Stocks had started the week under pressure after JP Morgan shares were affected (JBM) Analyst Samik Chatterjee on Monday maintained an Underweight rating on the stock. Shares are down about 50% over the past six months.

Housing prices have remained stubbornly high, proving a stable category for inflation.

But the latest The Consumer Price Index (CPI) will be released on Wednesday It showed that the pace of increases in housing costs has begun to slow. Danny Romero from Yahoo Finance reports:

Data from Bureau of Labor Statistics It showed that shelter costs, the largest component of the CPI, rose 0.3% from the previous month in November. This was lower than October’s increase of 0.4%. On an annual basis, shelter costs rose 4.7% in November, down from their previous level October on an annual basis Gains of 4.9% and the smallest 12-month increase since early 2022.

However, the shelter component accounted for 40% of the total monthly CPI increase for November.

“Finally, the slow decline in housing inflation continued last month, which is an encouraging development,” Jeff Schulz, head of economic and market strategy at ClearBridge Investments, wrote in a note to clients after the release.

Economists have long expected rent increases to slow, a trend reflected in other data, but the broad slowdown in rents did not show up in the CPI report. This discrepancy can be attributed in part to the Bureau of Labor Statistics collecting rental data every six months, which leads to lags in reporting.

The government said the rent index rose 0.2% in November, the lowest level since July 2021.

Read more here.

Bitcoin (Bitcoin-dollar) Prices skyrocketed on Wednesday to surpass the critical $100.00 level again after the November CPI report matched expectations.

In mid-morning trading, the largest cryptocurrency rose 5% to trade at around $100,700 per token.

Smaller cryptocurrencies and crypto-adjacent names are mimicking Bitcoin’s moves to the upside.

Ethereum (Ethereum-dollar) by approximately 7% to trade at approximately $3,800 per coin.

At the same time, MicroStrategy shares rose (MSTR), which owns approximately 280,000 bitcoins, rose about 6%. Company Recently announced the purchase An additional 51,780 bitcoins for $4.6 billion. MicroStrategy’s Bitcoin holdings are now worth $16.5 billion.

Coinbase (currency), which allows cryptocurrency trading on its platform, also saw shares rise nearly 6%.

Bitcoin took a breather on Tuesday after prices enjoyed some fun Record march In the wake of Donald Trump winning the presidency. His incoming administration is generally seen as more friendly toward the alternative asset class.

In July, Trump attended a Bitcoin conference in Nashville She has since pledged to begin more supportive organizing. His promises also included appointing a Presidential Cryptocurrency Advisory Council and replacing current SEC Chairman Gary Gensler, who has since announced that he will step down on January 20.

Consumer price increases met expectations in November – but overall, inflation remains hot.

The sticky nature of printing is “a bit concerning,” Paul Ashworth, chief North America economist at Capital Economics, wrote on Wednesday. “But we don’t expect the Fed to be convinced to skip another 25 basis point rate cut at next week’s FOMC meeting.”

Immediately after the report, the markets Continue the price Another 25 basis point cut at next week’s central bank meeting, with the odds of a cut rising to 98.1% from around 89% a day ago.

“With markets approaching today’s numbers with fears of an upside surprise, the embedded number was received very positively,” wrote Seema Shah, chief global strategist at Principal Asset Management. “But overall, the Fed will be concerned about the stubborn nature of inflation and will be increasingly cautious about the upside inflation risks that President-elect Trump’s policies may bring.”

Trump’s proposed policies, such as higher tariffs on imported goods, tax cuts for corporations, and restrictions on immigration Economists consider it potentially inflationary. These policies could further complicate the Fed’s path forward on interest rates.

“We expect the Fed to move off autopilot in January, adopt a more dovish tone, and only slow the pace of cuts at every other meeting,” Shah said.

Assuming a 25 basis point cut next week, markets are pricing in two or three more cuts in 2025, according to the latest Bloomberg data.

Read more here.

US stocks enjoyed broad gains early Wednesday With consumer prices rising as expected in NovemberWhich reinforces bets that the Federal Reserve will cut interest rates at its policy meeting next week.

Dow Jones Industrial Average (^ DJI) rose by about 0.2%, while the Standard & Poor’s 500 index rose (^ GSBC) jumped nearly 0.5%. The high-tech Nasdaq Composite Index (^ IX) In addition to the overall gains, it rose by approximately 0.8%.

New inflation data released Wednesday showed that consumer prices rose as expected in November, reflecting another month in which price increases made little progress toward the Federal Reserve’s 2% target.

the Latest data The Consumer Price Index rose 2.7% from a year earlier in November, a slight increase, the Bureau of Labor Statistics showed From the annual price increase in October of 2.6%. The annual increase matched economists’ expectations.

The index rose 0.3% from the previous month, matching economists’ expectations but higher than the 0.2% recorded in October.

On a “core” basis, which excludes the more volatile costs of food and gas, prices in October rose 0.3% from the previous month, which is the same as October, and 3.3% from a year ago for the fourth month in a row.