US stocks fall as inflation jumps more than expected

He lives8 updates

• Thursday, January 11, 2024 at 2:00 PM ET

  Cryptocurrency stocks reverse gains amid spot bitcoin ETF trading

  Cryptocurrency-related stocks fell in afternoon trading, reversing earlier gains on the first day of trading for 11 bitcoin exchange-traded funds (ETFs).

  The Marathon Digital Index (MARA), the third most popular index on Yahoo Finance, was down 14% Thursday afternoon, despite opening the session in the green. Shares of Riot Platforms (RIOT) fell as much as 16%.

  Coinbase (currency), one of the top five trending trends on Yahoo Finance, down more than 5%. Earlier in the session, shares rose more than 5%.

  Recently approved ETFs, which readers can track here, allow investors to gain exposure to Bitcoin (BTC-US) without having to own it.

  Bitcoin rose to $48,000 on Thursday morning, before falling to just over $46,000 by midday.

• 

  Thursday, January 11, 2024 at 1:15 PM ET

  Microsoft briefly overtook Apple as the world's most valuable company

  Microsoft (MSFT) briefly overtook Apple's (AAPL) market cap during Thursday's session, making it the most valuable publicly traded company in the world.

  As Yahoo Finance's Dan Hawley points out, the software giant took the top spot immediately after trading, with a valuation of $2.8 trillion.

  Apple's market cap was traded at more than $2.8 trillion, but it was just behind Microsoft. Apple shares struggled in the first two weeks of the year, with analysts from three banks downgrading the company's shares amid concerns about slowing iPhone demand.

  Read more here.

• 

  Thursday, January 11, 2024 at 12:46 PM ET

  Stocks are red in the afternoon

  Shares fell around 12:45 PM ET. Thursday.

  The S&P 500 (^GSPC) fell about 0.8% after the index ended Wednesday at its highest close since January 2022, just short of setting a new record. The Dow Jones Industrial Average (^DJI) fell 0.6% and the Nasdaq (^IXIC) led the losses, falling nearly 0.9%.

  Some interest rate-sensitive sectors such as real estate and financials, which performed well in the recent market rally, fell by about 1%. Utilities led the losses, falling more than 2%.

  

• 

  Thursday, January 11, 2024 at 11:30 a.m. ET

  Oil rises as tensions rise in the Middle East

  Oil futures rose on Thursday after Iran seized an oil tanker in the Gulf of Oman, raising fears of escalating tensions between the United States and Tehran.

  WTI (CL=F) advanced more than 3% during the morning session. Brent crude futures (BZ=F) also rose more than 2.5%, trading above $78 per barrel.

  The Iranian army seized the tanker carrying Iraqi oil In retaliation for the confiscation of the same ship By the United States last year, according to Iranian state media.

  “The geopolitical escalation in the Red Sea region has once again reflected the bearish bias of futures,” Dennis Kessler, senior vice president at BOK Financial, said on Thursday.

  Thursday's price action marked a change in trend from the previous session when futures fell more than 1% following the release of weekly storage data. The Energy Information Administration said that US crude inventories increased by 1.34 million barrels last week.

• 

  Thursday, January 11, 2024 at 11:03 AM ET

  Bitcoin ETFs begin trading

  The long-awaited trading of spot Bitcoin ETFs is underway.

  A curated list on Yahoo Finance tracks all the action on ETFs. Among the newly released ETFs, BlackRock's iShares Bitcoin ETF (IBIT) is seeing the most volume in morning trading.

  Bitcoin (BTC-USD) traded at around $46,700 amid ETF action.

  Below are details of the various fees associated with each ETF.

• 

  Thursday, January 11, 2024 at 10:22 AM ET

  Hotter-than-expected inflation doesn't change Fed rate cut bets

  December's inflation report came in a little hotter than Wall Street expected, but it did not move investors' bets that the Fed's first interest rate cut could come in March.

  As of early Thursday morning, markets were anticipating a roughly 67% chance that the Fed would cut interest rates in March. According to CME FedWatchlargely unchanged from the previous day's odds.

  “I don’t think postponing the cuts is enough,” Stephen Juneau, US economist at Bank of America, told Yahoo Finance Live. “We're looking for a marching cut to start the cutting cycle. That kind of keeps the door open. It certainly doesn't close the door.”

• 

  Thursday, January 11, 2024 at 9:37 AM ET

  Stocks gain despite hotter-than-expected inflation print

  US stocks rose on Thursday morning despite a new December inflation reading that came in slightly hotter than economists had expected, raising new questions about the Federal Reserve's path on interest rates.

  The S&P 500 (^GSPC) added about 0.2% after the benchmark index ended Wednesday at its highest close since January 2022, just short of setting a new record. The Dow Jones Industrial Average (^DJI) rose 0.1%, while the tech-stock-laden Nasdaq led the way, up 0.3%.

• 

  Thursday, January 11, 2024 at 8:47 AM ET

  Inflation rates are higher than expected in December

  Thursday's inflation report showed that consumer prices rose slightly more than expected in November.

  A quick look at the numbers:

  • Core CPI, month-on-month: 0.3% increase vs. 0.2% expected

  • Core Consumer Price Index, YoY: 3.4% vs. 3.2% expected

  • “Core” CPI on an annual basis: 3.9% vs. 3.8% expected

  Yahoo Finance's Josh Schaeffer has all the details here.