US Stocks Mixed; Core PCE Prices Rise In December

U.S. stocks traded mixed this morning, following the release of PCE price inflation data.

Following the market opening Friday, the Dow traded up 0.12% to 38,096.06 while the NASDAQ fell 0.19% to 15,481.44. The S&P 500 also fell, dropping, 0.05% to 4,891.94.

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Leading and Lagging Sectors

Health care shares rose by 0.5% on Friday.

In trading on Friday, information technology shares fell by 0.8%.

Top Headline

The headline PCE annual inflation rate held at 2.6% in December, matching both the previous and expected rate of 2.6%. On a monthly basis, the PCE price index rebounded with a 0.2% increase, recovering from a 0.1% decline in November and matching the predicted 0.2% rise.

Equities Trading UP

Inspire Veterinary Partners, Inc. IVP shares shot up 110% to $0.4067 after jumping over 22% on Thursday.

Shares of Corbus Pharmaceuticals Holdings, Inc. CRBP got a boost, surging 112% to $17.92 after the company announced data from the first-in-human clinical study of CRB-701 is being presented as a poster by its development partner CSPC Pharmaceutical at ASCO GU 2024.

Aclarion, Inc. ACON shares were also up, gaining 63% to $3.03.

Equities Trading DOWN

Yoshitsu Co., Ltd TKLF shares dropped 60% to $0.3102 after the company announced pricing of $4.0 million registered direct offering and private placement.

Shares of Richtech Robotics Inc. RR were down 52% to $4.7050 after gaining 32% on Thursday. Richtech Robotics signed a Letter of Intent with Ghost Kitchens International.

Onconetix, Inc. ONCO was down, falling 29% to $0.2399 after surging around 130% on Thursday.

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Commodities

In commodity news, oil traded down 0.4% to $77.05 while gold traded up 0.2% at $2,020.80.

Silver traded up 0.1% to $22.93 on Friday while copper rose 0.1% to $3.8725.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 climbed 1.1%, London’s FTSE 100 rose 1.5% while Spain’s IBEX 35 Index rose 0.2% The German DAX rose 0.2% French CAC 40 climbed 2.3% while Italy’s FTSE MIB Index rose 0.5%.

Bank lending to households in the Eurozone rose by 0.3% year-over-year to EUR 6.86 trillion in December. Spain's unemployment rate fell to 11.76% in the fourth quarter from 11.84% in the prior quarter.

The consumer confidence indicator in France rose to 91 in January from 89 in the prior month, while the GfK Consumer Climate Indicator for Germany declined to -29.7 heading into February versus a revised reading of -25.4 in January.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 falling 1.34%, Hong Kong’s Hang Seng Index declining 1.60% and China’s Shanghai Composite Index gaining 0.14%.

The index of leading economic indicators in Japan was revised lower to 107.6 in November versus the preliminary reading of 107.7, while index of coincident economic indicators rose to 114.6 in November from a flash reading of 114.5.

Economics

The headline PCE annual inflation rate held at 2.6% in December, matching both the previous and expected rate of 2.6%. On a monthly basis, the PCE price index rebounded with a 0.2% increase, recovering from a 0.1% decline in November and matching the predicted 0.2% rise.

U.S. personal spending rose by 0.7% from a month ago in December, while personal income rose by 0.3%.

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