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US stocks open lower despite core PCE prices soften in December 2022

US stocks open lower despite core PCE prices soften in December 2022
Softening figures provide optimism for investors that US Fed could end its aggressive tightening cycle sometime this year

By Ovunc Kutlu

ISTANBUL (AA) - US stock market opened lower on Friday despite core PCE price index, the Federal Reserve's preferred inflation indicator, annually softened in December 2022.

The index showed an annual gain of 4.4% in December, down from a 4.7% increase in November, according to the Commerce Department figures released earlier.

The PCE price index, which includes food and energy prices, increased 5% annually last month, also easing from a 5.5% year-on-year gain in November.

The softening figures provide some optimism for investors that the Fed sometime this year could end its aggressive tightening cycle that started last March.

The Dow Jones Industrial Average was down 12 points, or 0.4%, to 33,937 at 9.42 a.m. EDT. The S&P 500 lost 8 points, or 0.2% to 4,052.

The tech-heavy Nasdaq decreased 9 points, or 0.8%, to 11,503 at the time.

The VIX volatility index, also known as the fear index, was down 1.2% at 18.50, while the 10-year US Treasury yield rose 1.5% to 3.542%.

The dollar index added 0.3% to 102.13, while the euro lost 0.2% to $1.0869 against the greenback.

Precious metals were in the red, with gold trimming 0.2% to $1,925 per ounce and silver losing 1.5% to $23.55.

Crude oil prices were up 0.7% with global benchmark Brent crude at $88.11 per barrel and US benchmark West Texas Intermediate crude at $81.60.

source: News Feed
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