US Markets Stock futures were up overnight on Friday, following the S&P's best day in over 24 months of trading. - Unexpectedly low CPI figures led to a sharp rise in markets on Thursday.
- The University of Michigan consumer sentiment data, which will be released at 10 am today, will likely influence markets.
- The current 10 Year U.S. Treasury yield is set at 3.81910%
| Dow Jones | 33,715.37 | 3.70% | | S&P 500 | 3,956.37 | 5.54% | | Nasdaq | 11,114.15 | 7.35% | | Russell 2000 | 1,867.93 | 6.11% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Market Insights The consumer price figures released on Thursday provide unique insights into the health of the U.S. economy. - The Consumer Price Index (CPI) rose 0.4% from September to October, less than the 0.6% increase analysts expected. They gained 7.7% year over year, which was less than the 7.9% increase predicted.
- Core CPI was up 0.3% month over month and 6.3% year over year, with both figures below expectations.
- Shelter costs rose 0.8% on a monthly basis and 6.9% from a year earlier, the biggest gains in decades.
- Fuel prices surged 19.8% for the month and 68.5% from a year ago.
- Food prices gained 0.6% month over month and 10.9% from the previous year.
- Energy prices rose 1.8% from the previous month and 17.6% on an annual basis.
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Canadian Markets Bank of Canada Governor Tiff Macklem said that jobs will likely be lost in the coming months because a recession is looming. - To date, the Canadian jobs market has been strong with no signs of a slowdown.
- Canada currently has a 5.2% unemployment rate after adding over 100,000 jobs last month.
- More interest rate hikes from the Bank of Canada to tame inflation, which hit 6.9% in September, will likely contribute to future job losses.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks were up on Thursday, after reacting positively to the U.S. Consumer Price Index data. - The Stoxx 600 rose 2.8% on the day, led by tech stocks, which gained 7.6%.
- Oil and gas was the only sector ending in the red after a 0.4% drop.
- Teleperformance slumped 33% following reports that the French call center firm is under investigation in Colombia for allegedly mistreating workers.
| Euro STOXX 50 | 3,846.56 | 3.18% | | UK (FTSE 100) | 7,375.34 | 1.08% | | Germany (DAX) | 14,146.09 | 3.51% | | France (CAC 40) | 6,556.83 | 1.96% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Asia were mixed on Thursday and up slightly on Friday morning. - Friday's uptick is linked to the release of positive U.S. CPI data, which will likely cause the Fed to lower its future interest rate hikes, helping Asian currencies rebuild their strength.
- Stocks in Australia rose nearly 3% in the first hour of trading on Friday, benefiting from the positive momentum.
- Stocks in China faced downward pressure after President Biden raised concerns about China-Russia ties amid the ongoing war in Ukraine.
| S&P Asia 50 | 3,843.22 | -0.36% | | Japan (Nikkei 225) | 28,075.76 | 2.29% | | South Korea (KOSPI) | 2,474.96 | 3.03% | | China (Hang Seng) | 16,081.04 | -1.70% | | India (SENSEX) | 60,613.70 | -0.69% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices rose on Thursday, for the first time this week, following the release of U.S. inflation data. - Brent crude gained 1.1%, while U.S. West Texas Intermediate was up 0.8%.
- Brent is down more than 6% so far this week.
- Concerns about further COVID-19 restrictions in China amid ongoing outbreaks in major cities are putting downward pressure on oil prices.
| Oil (NYSEARCA:OIL) | 31.54 | 0.64% | | Gold (NYSEARCA:GLD) | 163.48 | 3.03% | | Silver (NYSEARCA:SLV) | 19.97 | 3.15% | | Corn (NYSEARCA:CORN) | 26.20 | -1.39% | | Lumber (NASDAQ:WOOD) | 75.47 | 4.91% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates Investors are selling off the U.S. Dollar due to concerns that lower inflation will prompt the Fed to ease off its current monetary policy. - The U.S Dollar Index lost 2.2% on the day, its worst performance in over seven years.
- The Japanese Yen gained more than 3% after the Japanese government intervened in the market in recent months to prop up the currency.
- The U.S. Dollar remains a safe haven, and new signs that the Fed will tighten economic policy will likely lead to further gains.
| UK(GBP) | £0.86 | -1.19% | | Europe (EURO) | €0.98 | -1.06% | | Canada (Canadian Dollar) | $1.33 | -0.57% | | Japan (Yen) | ¥141.73 | -2.48% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Bitcoin rose on Thursday as crypto markets recovered slightly from Wednesday's plunge in reaction to the FTX news. - All of the top 20 cryptos rose during U.S. trading hours on Thursday.
- According to the CoinDesk Market Index, the crypto market as a whole rose by 12%.
- The surge in crypto prices was aligned with the rise in tech stocks.
| Bitcoin | $17,463.10 | 12.31% | | Ethereum | $1,285.15 | 17.73% | | Litecoin | $61.49 | 22.54% | | Bitcoin Cash | $102.97 | -0.17% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
