The Dow Jones Industrial Average and other stock indexes ticked higher Wednesday as inflation data came in as expected. The Dow was up 222 points, or 0.5%, in afternoon trading. The tech-heavy Nasdaq and the S&P 500 were up 0.3% and 0.4%, respectively.
The consumer price index, a measure of the average change in prices for consumer goods and services, grew 2.6% on an annual basis last month, the Bureau of Labor Statistics said Wednesday. That was consistent withWall Street expectations, according to estimates compiled by FactSet (FDS).
With that, all eyes on Thursday will be on the initial jobless claims data, which will offer a snapshot of the labor market’s health and the Producer Price Index (PPI) and core PPI data. The PPI measures inflation at the wholesale level and provides an early indicator of potential price pressures in the broader economy.
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Bitcoin is closer to reaching $100,000 than ever — it has reached over $93,000 and shows no signs of slowing. Some analysts say Bitcoin could even cross the $100,000 threshold.
Earnings to keep an eye on
Cisco’s (CSCO) earnings report will be released after the closing bell. The technology company, known for its networking and cybersecurity solutions, is likely to be watched closely by investors for insights into the broader tech sector.
Disney (DIS) is set to report its fiscal fourth-quarter earnings Thursday morning. Disney stock is up over 11% since the beginning of the year, outperforming most of its rivals such as Warner Bros. Discovery (WBD) and Paramount Global (PARA), which have fallen 18% and 23% over the past 10 months, respectively.
Disney’s search for the next House of Mouse leader is heating up, as a deadline to name a successor to outgoing Disney CEO Bob Iger has been set and potential candidates are emerging.
—Rocio Fabbro and Bruce Gil contributed to this article.