Wall Street confident, ahead of the producer price index

(Boursier.com) – Wall Street climbs before the stock market on Tuesday. The S&P 500 gained 1%, the Dow Jones 0.6% and the Nasdaq 1.5%. The producer price figures expected in less than an hour will nevertheless be decisive. According to the FactSet consensus, the US producer price index for the month of October is expected at +0.5% compared to the previous month and +8.3% over one year (+0.4% excluding food and energy compared to September or +7.1% over one year).

Recall that the US consumer price index for October, published last week, was up 0.4% compared to the previous month, against a FactSet consensus of 0.6%. Excluding food and energy, the CPI had increased by 0.3% compared to the previous month, against 0.5% consensus. Over one year, the consumer price index was therefore up 7.7%, against 7.9% consensus and 8.2% a month earlier. This excellent news boosted Wall Street last week, fueling hopes of a ‘Fed pivot’. Excluding food and energy, the US consumer price index rose 6.3% over one year.

The New York Fed’s Empire State manufacturing index for November will also be released today at 2:30 p.m. (consensus -7).