|I:DJI||DOW JONES AVERAGES||36290.32||+38.30||+0.11%|
|I:COMP||NASDAQ COMPOSITE INDEX||15188.392289||+34.94||+0.23%|
Treasury Bills, This as the yield on the 10-Year Treasury slipped to 1.72%.
Fed's economic snapshot, The Fed's regional snapshot of the economy suggested most regions are dealing with the crunch. "Districts indicated growth continued to be constrained by ongoing supply chain disruptions and labour shortages" the report noted.
Earlier, the consumer price index rose 7% annually, the highest level since 1982, as reported by the Bureau of Labor Statistics. Monthly, the gain was 0.5%, driven by shelter and used cars and trucks.
If you factor out volatile food and energy costs, the core consumer price index rose 0.6% last month. On an annual basis, core CPI jumped 5.5% in December. That’s up from 4.9% in November. On Thursday, the Producer Price Index is also expected to surge 9.8%.
Oil rose to the $82-per-barrel level.
|USO||UNITED STATES OIL FUND L.P.||58.91||+0.75||+1.29%|
The report follows Federal Reserve Chairman Jerome Powell's remarks Tuesday when he said policy "in all likelihood" will return to normal as bond purchases and other economic stimulus winds down. Speaking before the Senate Banking Committee, he said ultra-low rates might be raised earlier than planned if necessary to cool inflation that is at a four-decade high.
Financial Sector report, The SPDR Financial exchange-traded fund hit a fresh high ahead of key bank earnings due Friday from JPMorgan, Citigroup and Wells Fargo.
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||41.45||+0.05||+0.12%|
|JPM||JPMORGAN CHASE & CO.||168.44||+0.95||+0.57%|
|WFC||WELLS FARGO & CO.||56.40||+0.34||+0.61%|
Automakers, In auto news, General Motors is launching a new marketplace for used cars called CarBravo.
|GM||GENERAL MOTORS CO.||61.03||-0.43||-0.70%|
In the European market, the market retraced its positive trend in starting Thursday trading session over and above US depressing inflation data and all the indices declined. London's FTSE slumped by 0.07% to 7,546.2 while Germany's DAX also slide by 0.51% to 15,985.8, France's CAC also declined by 0.3% to 7,215.54
Asia Market, In Asia, the Nikkei 225 in Tokyo rose 1.9%, the Hang Seng in Hong Kong gained 2.8% and China's Shanghai Composite Index gained 0.8%.
World Bank, The World Bank cut its forecast for global economic growth this year to 4.1% from 4.3% due in part to supply chain disruptions that fueled inflation. The agency estimates the world economy grew by 5.5% in 2021.