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U.S. equity futures ticked higher despite the jump in consumer prices which hit the highest level since 1982.
Nasdaq Composite futures rose 0.7%, while the Dow and S&P indicated a gain of 0.4%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 36252.02 | +183.15 | +0.51% |
| SP500 | S&P 500 | 4713.07 | +42.78 | +0.92% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15153.448663 | +210.62 | +1.41% |
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The consumer price index rose 7% annually, the highest level since 1982, as reported by the Bureau of Labor Statistics. Monthly, the gain was 0.5% driven by shelter and used cars and trucks.
If you factor out volatile food and energy costs, the core consumer price index rose 0.6% last month. On an annual basis, core CPI jumped 5.5% in December. That’s up from 4.9% in November.
Oil rose to the $81 per barrel level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 58.16 | +2.00 | +3.56% |
The report follows Federal Reserve Chairman Powell remarks Tuesday when he said policy “in all likelihood” will return to normal as bond purchases and other economic stimulus winds down. Speaking before the Senate Banking Committee, he said ultra-low rates might be raised earlier than planned if necessary to cool inflation that is at a four-decade high.
In stocks, shares of Biogen are trading lower in the premarket after Medicare said Tuesday it will limit coverage of a $28,000-a-year Alzheimer’s drug only to patients taking the medication as part of clinical trials.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BIIB | BIOGEN INC. | 241.52 | +6.21 | +2.64% |
Shares of Dish Network are up more than 6% in the premarket after the New York Post reported that DirecTV and Dish Network are once again holding talks about a possible merger.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DTV | n.a. | n.a. | n.a. | n.a. |
| DISH | DISH NETWORK CORP. | 35.38 | +1.43 | +4.21% |
In Europe, London’s FTSE added 0.7%, Germany’s DAX gained 0.4% and France’s CAC rose 0.5%.
In Asia, the Nikkei 225 in Tokyo rose 1.9%, the Hang Seng in Hong Kong gained 2.8% and China’s Shanghai Composite Index gained 0.8%.
GAS PRICES RISE AS OIL REMAINS ‘STUBBORNLY STRONG’
The World Bank cut its forecast for global economic growth this year to 4.1% from 4.3% due in part to supply chain disruptions that fueled inflation. The agency estimates the world economy grew by 5.5% in 2021.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.