Stocks Rocket on Cooling Inflation Data; Tech Stocks & Fed Speeches in Spotlight
Markets Rally as US Inflation Cools Wall Street surged on Oct. 24 after data showed US consumer prices rose less than forecast. The Labor Department’s CPI for September came in at 3.0% year-on-year (3.0% core) vs 3.1% expected xtb.com. That miss drove a rally in stock futures and sent the US dollar slightly lower, while gold and bonds rallied on renewed rate-cut hopes xtb.com reuters.com. As Reuters notes, the dollar index was steady (around 99.06) ahead of the report reuters.com, and traders now fully price a quarter-point Fed cut next week reuters.com reuters.com. “In midday trading, futures on the S&P 500