Russell 2000 soars 5.44% as major US stock indices surge on CPI data

<p>CPI data for the month of October came in tamer than expectations with the headline number rising by 0.0% month on month (versus expectations of 0.1%). The core measure rose by 0.2% (versus expectations of 0.3%). Although the year-on-year levels are still above the 2% targets at 3.2% and 4.0% respectively they are well off year-ago levels. The market is now pricing in 4 rate cuts in 2024. </p><p>The Russell 2000 index was the biggest mover today with a gain of 5.44%. That was the largest gain since November 10, 2022 and far outpaced the 2023 largest gain of 3.561% from June 2, 2023.</p><p>A snapshot of the closing levels for the other major indices shows:</p><ul><li>Dow industrial average rose 489.83 points or 1.43% at 34827.71</li><li>S&amp;P index rose 84.17 points or 1.91% at 4495.71</li><li>NASDAQ index rose 326.63 points or 2.37% at 14094.37</li></ul><p>Looking at the daily chart of the S&amp;P index its high price at 4508.67 got within 2-3 points of the low of a swing area between 4511.99 and 4541.25 (see chart below).</p><p>Looking at the NASDAQ index, it is moving closer to its next target at 14149.62. The high price today reached 14124.06.</p><p>For the Russell 2000, it moved back above its 50-day moving average at 1753.62, but remains below its 200-day moving average at 1827.65 and 100-day moving average at 18233.82. The gain in the index today took the price above its closing level from 2022. </p><p>The Russell 2000 is now up 2.10%. By comparison, the </p><ul><li>NASDAQ index is up 34.66%, </li><li>S&amp;P index is up 17.09%, and </li><li>Dow industrial average is up 5.07%.</li></ul><p>25 of 30 Dow stocks rose led by:</p><ul><li>Home Depot up 5.46%</li><li>Walgreens up 4.56%</li><li>Dow up 3.68%</li><li>Goldman Sachs up 3.64%</li><li>Intel +3.01%</li></ul><p>The losers in the Dow included:</p><ul><li>Walmart -0.01%</li><li>Procter &amp; Gamble -0.22%</li><li>Merck and Company -0.28%</li><li>UnitedHealth -0.40%</li><li>Travelers -1.39%</li></ul><p>Some of the other big winners in the market included:</p><ul><li>First Solar, +11.43%</li><li>AIRBnB +6.32%</li><li>Tesla +6.12%</li><li>Block +5.96%</li><li>Goodrx +5.94%</li><li>PNC +5.94%</li><li>Ford, +5.86%</li><li>Moderna, +5.54%</li></ul><p>Some losers today included:</p><ul><li>Celsius -3.48%</li><li>RTX Corp, -1.66%</li><li>Exxon Mobile, -1.65%</li><li>Chubb, -1.16%</li><li>Gilead, -0.28%</li><li>Lockhead Martin -0.19%</li><li>General Mills -0.02%</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.