Wall Street Overview
Stocks lost momentum on Wednesday, November 14, after rallying earlier. Data Showing US Monthly and Year-to-Month Consumer Prices Meet Economists' Expectations
Dow Jones Industrial Average Down 290 Points or 1.2% to 24,994, S & P 500 Down 1, 1% and the Nasdaq by 1
The consumer price index rose 0.3% in October, in line with economists' estimates. The core CPI rose by 0.2%. Consumer prices rose 2.5% yoy in October and were also in line with forecasts. The annual CPI fell from 2.2% to 2.1%.
Inflation at the consumer level is closely monitored by the Federal Reserve, whose rate hike is expected to rise for the fourth time in December 2018 for the fourth time.
"As core-level inflation is generally stable at around 2%, the (Wednesday) figure has no particular policy implications and I would not expect a strong market reaction," said Eric Winograd, AB Senior Economist , "The Fed is expected to raise rates further next month and continue quarterly next year."
The oil price rebounded sharply on Wednesday, but fell to a record 12 days. Crude oil fell the hardest for three years on Tuesday Following an unexpectedly sharp increase in US oil and Energy Information Administration data that shale oil production could rise to as much as 8 million barrels a day next month, the price of crude oil fell more on Tuesday as
The crude oil price for West Texas Intermediate rose 0.7% on Wednesday to $ 56.10 a barrel.
Macy's Inc. (M) generated an adjusted 27 cents per share in the third quarter, with sales of $ 5.404 billion. Analysts surveyed by FactSet expect Macy's will generate a profit of 15 cents per share on sales of $ 5.401 billion. Macy & # 39; s also raised full-year earnings guidance as sales growth in the same stores continued to suggest a robust Christmas sales season for the retailer.
On Wednesday, the stock fell 5.7%.
Cisco Systems Inc. (CSCO) is expected to announce a profit after the closing bell on Wednesday.
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Boeing Co. (BA) fell 0.9% after the Federal Aviation Administration initiated a review of the airline's security analyzes over the years – and what information it had distributed to airlines. The Wall Street Journal reported potential dangers associated with a new automated flight control system introduced in the latest versions of the 737 Max.
The report follows a report in Tuesday's journal in which the aviation giant denied information Possible dangers relating to the new flight control function, which is thought to have played a role in the deadly Lion Air plane crash in Indonesia last month played. The Lion Air jet crashed into the Java Sea after launching from Jakarta, killing all 189 on board.
The FAA denied that a new Boeing safety analysis probe was launched, Reuters reported.
"The FAA does not conduct a safety investigation independently of the ongoing investigation into the Lion Air Accidents, which we, the National Transportation Safety Board (NTSB) and the Indonesian authorities, belong to," the agency said in an e-mailed article Statement to Reuters.
Tilray Inc. (TLRY) fell 8.5% on Wednesday after Canadian cannabis company sales in the third quarter were slightly below analyst expectations.
Canopy Growth Corp. (CGC), another Canadian-based cannabis company, fell 15% after reporting a broader fiscal loss in the second quarter than a year earlier, and a 33% jump in sales, which was below expectations.
Snap Inc. (SNAP) Slumped 3.7% to $ 6.47 The Media App stated that the US Department of Justice and the Securities and Exchange Commission had summoned information regarding their IPO in March 2017.
In a statement to Reuters, Snap said he had responded to government subpoenas and other government requests for information.
Snap's IPO was $ 17 per share.