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Asia-Pacific markets were set to open higher Wednesday, following gains on Wall Street that saw the Nasdaq Composite surge to record highs after November's inflation report met expectations.
Traders in Asia will assess November jobs data from Australia, set for release later in the day. A poll from Reuters expects the country's unemployment rate to rise to 4.2%, up slightly from 4.1% in October.
Australia's S&P/ASX 200 opened 0.38% higher.
Hong Kong Hang Seng index futures were at 20,215 higher than the HSI's last close of 20,155.05. Hong Kong will release industrial production data for the third quarter later today.
Japan's Nikkei 225 futures pointed to a higher open for the market, with the futures contract in Chicago at 40,035 and its counterpart in Osaka at 40,050 compared to the previous close of 39,372.23.
In the U.S. on Wednesday, the tech-heavy Nasdaq rose 1.77% to end at 20,034.89 and post an all-time high and a closing record.
The broad market S&P 500 gained 0.82% to close at 6,084.19. The Dow Jones Industrial Average was the outlier, falling 99.27 points, or 0.22%, to 44,148.56.
Nvidia rose more than 3%, while Tesla advanced nearly 6%, alongside a broader rise in several major companies following the relatively tame inflation data.
— CNBC's Sean Conlon and Alex Harring contributed to this report.
CNBC Pro: Analysts have hiked price targets on these 5 stocks ahead of earnings next month
Analysts have hiked price targets on these 5 stocks ahead of earnings next month
At least ten Wall Street analysts have turned bullish on four of those five stocks ahead of their quarterly earnings reports.
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— Ganesh Rao
S&P 500 moves in line with historical trends for post-CPI trading, data shows
Wednesday's S&P 500 rally on the back of the consumer price index is tracking to be nearly in line with historical standards, data shows.
The broad index is trading about 0.92% higher just before 1:30 p.m. ET. Since 2000, the S&P 500 has risen 0.86% on the average trading day following the release of CPI data, according to Bespoke Investment Group.
"Back in late 2022 and early 2023, the monthly release of CPI was to the market what The Eras Tour was to Swifties," Bespoke wrote in a post on social media site X, referencing Taylor Swift's recently concluded tour. "It was an event. Not so much anymore."
CPI data for November released Wednesday morning came in line with economists' expectations.
— Alex Harring
19 stocks hit new 52-week highs
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Nineteen stocks in the S&P 500 hit fresh 52-week highs during Wednesday's session.
Among them, 12 notched new all-time highs. Here are some of those names that reached that milestone:
- Alphabet trading all-time highs back to its initial public offering on Aug. 19, 2004
- Meta Platforms trading at all-time-high levels back to its IPO in May 2012
- Netflix trading at all-time-high levels back to its IPO in May 2002
- Amazon trading at all-time-high levels since back to its IPO in May 1997
- Deckers Outdoor trading at all-time highs back to its IPO in October 1993
- Costco trading at all-time-high levels back to its IPO in December 1985
- Apple trading at all-time-high levels back to its IPO in December 1980
- ServiceNow trading at all-time-high levels back to its IPO in June 2012
Meanwhile, a few names, including CVS Health, hit new 52-week lows in the session. Shares of the company were trading at lows not seen since March 2020.
— Sean Conlon, Christopher Hayes
CPI report for November comes in line with expectations
Inflation rose slightly in November, matching expectations.
The consumer price index rose 0.3% month over month and 2.7% year on year for November. That is in line with what economists polled by Dow Jones anticipated.
Core CPI, which strips out food and energy, increased 0.3% month over month. Year over year, it advanced 3.3%. Both matched expectations.
— Fred Imbert
English (US)