Stocks soared and Treasury yields fell Tuesday after data showed inflation slowed more than expected in October, raising hopes the Federal Reserve could be done with interest rate hikes.
The Nasdaq jumped nearly 2.4%, its biggest one-day gain since April, while the S&P 500 surged 1.9% and the Dow Jones Industrial Average rose 1.4%.
The yield on 10-year Treasurys fell nearly 20 basis points to their lowest in a month and a half. The yield on shorter-dated bonds fell even more dramatically.
Inflation decelerated to a standstill in October, a bigger slowdown than economists were expecting. Core inflation, which excludes volatile food and energy prices, unexpectedly slowed to 0.2% from 0.3% in September.
Home Depot (HD) beat analysts’ expectations with its third-quarter earnings report but narrowed its full-year earnings outlook, reflecting a pullback in consumer spending on big-ticket items and major projects.
Stocks recovered from early losses to finish yesterday little changed, with the Dow rising 0.2% and the S&P 500 and Nasdaq closing slightly lower.
S&P 500 Gains and Losses Today
NOVEMBER 14, 2023 05:12 PM EST
Here are the S&P 500 stocks that gained and lost the most today, and the stories behind the day’s market movers.