Tuesday's Markets Update (November 14, 2023)
On Tuesday, Nasdaq rallied as inflation slowed, easing concerns about interest rate hikes. Nvidia surged to a record high. Tesla soared amid price hikes. Meta Platforms climbed as Amazon announced it will sell products on its platform. Meanwhile, BTC declined due to a technical correction.
The core annual inflation rate in the US, excluding food and energy, decreased to 4% in October 2023, down from 4.1% the previous month and below market expectations. Price increases slowed for shelter (70% of the total increase, slowed to 6.7% from 7.2%), recreation, personal care, and household items. However, motor vehicle insurance costs rose further. On a monthly basis, core consumer prices increased just 0.2%, below the 0.3% rise in September and forecasts.