US Stocks Rise Slightly as Traders Digest Inflation

US stocks were mostly higher on Thursday, with the S&P 500 gaining nearly 0.2% and the Nasdaq rising 0.4% while the Dow Jones was little changed. Traders digest the latest CPI report which showed the headline inflation rose more than expected to 3.4% while the core rate fell less than anticipated to 3.9%, prompting investors to lower bets for a rate cut by the Fed in March to around 65% from 70%. At the same time, initial claims came below expectations at a 2-month low. Tech and communication services were the top performing sectors. NVIDIA hit another all-time high of $549.37 and Amazon increased to a 20-month high of $155.64. Coinbase shares rose more than 3.5% following the SEC’s approval for Bitcoin-related exchange-traded funds. In contrast, Tesla lost almost 2% and Bank of America, Wells Fargo and Citigroup were in the red, with the latter announcing it would take over $3 billion in one-time reserves and expenses as part of its upcoming fourth-quarter results.

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