New York Stock Exchange Recorded a Record Close: Inflation Data Was Effective

Upward Movements in the New York Stock Exchange

Today, the New York Stock Exchange recorded an important closing. The Dow Jones index increased by 470 points, gaining 1.01% and closed at 47,207.12 points. Similarly, the S&P 500 index rose by 0.79% to reach 6,791.73 points, while the technology-weighted Nasdaq index gained 1.15%, reaching 23,204.87 points. These closures were recorded as the highest levels in the history of all three indices.

Inflation Data and Market Effects

The Consumer Price Index (CPI) announced for September in the U.S. showed an increase below market expectations, with a monthly rise of 0.3% and a yearly increase of 3%. The core CPI, excluding energy and food prices, rose by 0.2% month-on-month and 3% year-on-year, falling short of analysts' expectations. These data created a positive atmosphere in the markets regarding the possibility of an interest rate cut in the upcoming meeting of the Federal Reserve (Fed).

Consumer Confidence Index and Manufacturing Sector Data

Additionally, the consumer confidence index measured by the University of Michigan fell to 53.6 for October, recorded with a downward revision. Consumers' short-term inflation expectations decreased from 4.7% to 4.6%, while long-term expectations rose to 3.9%. Furthermore, the October Manufacturing Purchasing Managers' Index (PMI) rose to 52.2, exceeding market expectations.

Quarterly Earnings Season and Company Performances

With the start of the earnings season, important financial results have begun to emerge. One of the country’s leading chip manufacturers, Intel, reported an increase in revenue in the third quarter, exceeding expectations, and its shares rose by 0.3%. On the other hand, Ford saw a 12.2% increase in third-quarter revenue and profit, while shares of Procter & Gamble also rose by 0.8% after their financial results came in above expectations.

Trade Talks and Market Optimism

On the trade front, upcoming trade talks between the U.S. and China have generated optimism among investors. Analysts indicate that the current state of trade tensions between the two countries will be shaped by the results of the upcoming talks and that this process will be monitored closely.