Dow Jones Futures Surge Amid Coole Inflation News; Tesla Stock Jumps On China Price Hike
The Dow Jones Futures skyrocketed by 300 points on Tuesday, as Wall Street celebrated a cooler-than-expected report on inflation, prompting all three major indexes to shoot up. October’s Consumer Price Index (CPI) remained unchanged from September, an unexpected result, while the annual consumer prices increased 3.2%, falling below the 3.3% estimate. Core prices experienced a 0.2% monthly increase, with an annual rise of 4%, both readings lower than estimates.
Prior to Tuesday’s opening bell, the Dow Jones futures shot up 1.1%, the S&P 500 futures moved up 1.4%, and the tech-heavy Nasdaq 100 futures gained 1.8%, all propelled by the news on inflation. Tesla’s stock surged by nearly 5% after the electric vehicle giant raised the prices of its Model 3 and Model Y cars in China. The basic edition of its Model 3 got a 0.6% price hike, while the entry-level version of the Model Y was upped by 0.95%.
Key earnings drivers of the session include Home Depot, On Holdings, Tencent Music, and Vipshop. Furthermore, Treasury bond yields and oil prices saw shifts amid the market rally. Presumably, the stock market struggled amid the overarching theme of rising inflation rates. Nevertheless, the session also saw some of the best stocks to watch, such as Amazon and UnitedHealth, among others, exhibiting promising patterns of growth. All in all, the rising stock market action full of potential should encourage investors to explore more lucrative opportunities.
