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- US stocks traded mixed after key indicators sent mixed signals about the economy.
- Core inflation dipped below 3%, coming in cool, but consumer spending rose 0.7%.
US stocks wavered on Friday after two key indicators sent mixed signals about the economy.
Major indexes were mixed as investors took in spending data and the latest measure of inflation.
Personal Consumption Expenditure data, the Fed’s preferred gauge, showed cored inflation rose 2.9% last month, the slowest pace in almost three years. Meanwhile, consumer spending ramped up by 0.7% as Americans capped the holiday season by splurging an extra $133.9 billion in personal expenditures in December.
The data is a mixed bag, showing that inflation is falling but high interest rates from the Fed haven’t done much to curb strong consumer demand, which could be an input for inflation to remain elevated.
Intel’s earnings disappointed investors, with the stock falling nearly 12% and pulling the Nasdaq index lower. The chipmaker’s fourth-quarter results beat estimates but let investors down with weak guidance for the current quarter.
Yields on the two-year and 10-year Treasury ticked up, to 4.35% and 4.14% respectively.
“Markets are slightly bearish today as last month’s pace of consumer spending data flew past projections, which contributed to yesterday’s big beat on GDP,” José Torres, senior economist at Interactive Brokers, said. “While this morning’s inflation data generally matched estimates, bond traders are demanding more compensation because of strong consumer spending that has elevated the risks of additional price pressures.”
Here’s where US indexes stood shortly after the 4:00 p.m. closing bell on Friday:
- S&P 500: 4,890.97, down 0.07%
- Dow Jones Industrial Average: 38,109.43, up 0.16% (+60.30 points)
- Nasdaq Composite: 15,455.36, down 0.36%
Here’s what else is going on:
- The Fed’s lack of innovation with the dollar means China, India, and others will dominate the digital currency race.
- These are 3 things Tesla should do after its market value shrunk $80 billion in a single day, according to Wedbush.
- Boeing’s embarrassing 737 Max disaster could hit entire US economy, an aviation expert said.
- The US housing market is showing renewed signs of life as 2024 begins as pending home sales jump 8.3%.
- The AI hype is a ‘classic example of a big market delusion,‘ just like the dotcom era, investing pioneer Rob Arnott said.
- There are 3 reasons the US economy’s strength right now is a head-fake, according to Mohamed El-Erian.
In commodities, bonds, and crypto:
- Oil prices rose, with West Texas Intermediate up 0.98% to $78.12 a barrel. Brent crude, the international benchmark, climbed up by 1.52% to $83.68 a barrel.
- Gold was up 0.01% to $2,018 per ounce.
- The 10-year Treasury yield edged up to 4.141%.
- Bitcoin jumped 5.2% to $41,907.
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