US Stocks Little Changed

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All three Wall Street’s major indices closed near the flatline on Thursday, as investors were assessing the latest CPI report. The headline inflation exceeded expectations, rising to 3.4%, while the core rate fell less than anticipated to 3.9%. This led investors to slightly lower their expectations for a rate cut by the Federal Reserve in March to around 65% from the previous 70%. In notable corporate developments, Microsoft’s market cap reached $2.875 trillion, surpassing Apple’s valuation of $2.873 trillion, making Microsoft the most valuable U.S. company. Conversely, bank shares faced declines ahead of their quarterly results, with JPMorgan (-0.5%), Bank of America (-1.4%), and Wells Fargo (-0.1%) all experiencing decreases. Citigroup also fell by 1.8% after announcing it would incur over $3 billion in one-time reserves and expenses as part of its upcoming fourth-quarter results. Coinbase, sank 6.7% following the SEC’s approval of the first spot Bitcoin ETFs on Wednesday.

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