Market Snapshot: Nasdaq struggles for direction, Dow clings to modest gain as investors evaluate peak-inflation narrative

by | Nov 14, 2022 | Stock Market

U.S. stocks traded mostly higher Monday afternoon, but were off the session’s best levels, as investors evaluated a mixed batch of views from Federal Reserve officials and the question of whether October’s cooler-than-expected inflation data might be the start of easing price pressures. How stocks are trading
The Dow Jones Industrial Average DJIA was up 108 points, or 0.3%, at 33,852.

The S&P 500
SPX,
+0.16%
advanced 6 points, or 0.2%, to 3,998.

The Nasdaq Composite fell 3 points, or less than 0.1%, to 11,322, flipping between modest gains and losses.

Stocks rose sharply late last week, with the Nasdaq Composite advancing 9.4% in two days to cement its biggest weekly advance since at least March, while the S&P 500 clinched its best such performance since June.

What’s driving markets Stocks were mostly higher Monday afternoon, but off their best levels of the session as investors waited to see if last week’s rally, inspired by softer-than-anticipated October inflation data, might still have some more room to run. Signs of cooling inflation in Thursday’s consumer prices data have bolstered hopes that the Federal Reserve may not need to continue raising borrowing costs at such an aggressive pace. The Fed’s No. 2 official, Lael Brainard, seemed to confirm as much, by telling Bloomberg in an interview that it may be appropriate soon for policy makers to slow down their current pace of rate hikes. “We have to take a look at what the market has done over the last couple of weeks,” said Edward Moya, senior market analyst for the Americas at OANDA Corp. “Equities have clearly stabilized and it’s all because of expectations that the Fed is about to end its tightening cycle after February.” “Now we are at a weird stage where investors need to see inflation soften, which means you are not going to see strong positioning unt …

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