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The Labor Department reported that the producer price index for final demand, which measures the prices that producers pay for goods and services, advanced a seasonally adjusted (+0.2%) in December; this follows (+0.4%) in November and a (+0.3%) reading in October. The headline PPI increased an unadjusted (+1.1%) for 2023 and (+3.3%) for 2024. A (+0.6%) rise in final demand goods was the major factor in the monthly increase, as final demand services were unchanged. The final demand goods index has now risen for three consecutive months, with much of the December increase attributable to a (+3.5%) increase in the index for final demand energy—as gasoline jumped (+9.7%). Prices for final demand foods slipped (-0.1%). Excluding food, energy, and trade services, the core PPI increased (+0.1%), matching November. Core PPI inflation moved up (+2.7%) for 2023 and (+3.3%) for 2024.
The Labor Department reported that the consumer price index increased (+0.4%) in December after rising (+0.3%) in November and then (+0.2%) for four months in a row. The all items index has increased (+2.9%) over the last 12 months, which is 0.2 percentage points higher than what was reported in November. The energy index (+2.6%) accounted for over 40% of the monthly increase in the all items index, as the gasoline index increased (+4.4%). The food index increased (+0.3%). Core CPI inflation, which excludes food and energy, increased (+0.2%) in December, following four consecutive months at (+0.3%). The annual rate of core CPI inflation increased (+3.2%), after 4 consecutive months at (+3.3%). The shelter index increased (+4.6%), its lowest 12-month increase since February 2022. Indexes with significant increases over the last year include motor vehicle insurance (+11.3%), medical care (+2.8%), education (+4.0%), and recreation (+1.1%). Conversely, the energy index saw a (-0.5%) decline as the fuel oil index dropped (-13.1%) and the gasoline index dropped (-3.4%).
The Commerce Department reported advance U.S. retail and food services sales increased to $729.2 billion in December, a (+0.4%) increase; this follows an upwardly revised increase of (+0.8%) for November. Retail sales were up (+3.0%) year over year. Total sales for October 2024 through December 2024 were up (+3.7%) year over year. Retail sales are mostly goods and are not adjusted for inflation. Strong results in motor vehicles & parts (+0.7%) and online retail (+0.2%) were the main drivers of the growth. Excluding sales at motor vehicle, parts, and gasoline stations, sales were up (+0.3%). Miscellaneous store retailers (+4.3%) led the way in sales increases, while building materials (-2.0%) led in sales declines. Restaurants, the only service category, reported down (-0.3%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services, rose (+0.7%) and follows a (+0.4%) reading in November.
Thursday January 23 – Initial Jobless Claims
Friday January 24 – Existing Home Sales (MoM) (December)
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