U.S. inflation in-line, stocks rally

Consumer inflation clocked in the U.S. at 2.9% in December year-over-year, while core inflation was 3.2%, both meeting the street’s expectations. However, December’s figure was higher than November’s 2.7% though core inflation was 3.3% in previous months. Despite the mixed result, markets rallied in New York and Toronto. The S&P jumped 1.83% or 100 points, the Dow 1.65% while tech led the Nasdaq 2.45% higher.

As the U.S. 10-year yield reversed direction and slipped to 4.655%, Nvidia rose 3.4%, Tesla leapt 8.04%, Bank of New York 8.03% as bank earnings kicked off, and Intuitive Surgical rallied 7.65%. However, Lululemon sank 3.11%. Bitcoin bounced 3.5% to US$99,800.

In Toronto, the TSX advanced 0.82% or 200 points as all but two sectors rallied. Tech, real estate and financials soared while telcos lagged the most. Major movers: Stella-Jones 6.9%, Colliers 5.47%, Celestica 3.96%, TD 0.94% as the most active, while First Majestic Silver sank 4.05%. Gold added US$17 to US$2,695 as WTI rose US$3 to US$80.50 to extend its streak.

💾 NVIDIA Corporation (NVDA-Q) +3.4%

🚗 Tesla Inc (TSLA-Q) +8.04%

🏛 Bank of New York Mellon (BK-N) +8.03%

🧫 Intuitive Surgical Inc. (ISRG-Q) +7.65%

🛍 LuLulemon Athletica (US) (LULU-Q) -3.11%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +3.5%

🌲 Stella-Jones Inc. (SJ-T) +6.9%

🏛 Colliers International Group (CIGI-T) +5.47%

🧬 Celestica Inc (CLS-T) +3.96%

🏛 Toronto Dominion (TD-T) +0.94%

🥈 First Majestic Silver (AG-N) -4.05%