"The markets are moving higher out of the gate on better-than-expected inflation data. Consumer prices in November climbed at an annualized rate of 2.7%, more modest than the 3.1% economists were predicting. Additionally, the core CPI rate, which removes food and energy costs from the calculation, came in better than anticipated at a rate of 2.6% in the 12-month stretch to November."
"Micron Technology ( Nasdaq: MU) is buoying sentiment in the tech industry with a whopping 15.2% advance on the heels of its Q1 earnings print. The company is experiencing soaring demand for its memory chips. Morgan Stanley analysts were impressed, likening Micron's results to that of industry king Nvidia (Nasdaq: NVDA) and applauding the company's bullish future outlook. Here's a look at where things stand as of morning trading:"
"Here's a look at where things stand as of morning trading: Dow Jones Industrial Average: 48,180.50 Up 294.53 (+0.62%) Nasdaq Composite: 22,983.34 Up 303.54 (+1.3%) S&P 500: 6,789.91 Up 68.78 (+1.02%) Market Movers Retailer Lululemon ( Nasdaq: LULU) is soaring by 7% today even after activist investor Elliott Management has reportedly moved in with a $1 billion-plus position in the stock. The markets are welcoming a new issue today. Starfighters Space will make its debut on the NYSE under the ticker symbol FJET."
Consumer prices in November rose at an annualized 2.7%, below forecasts of 3.1%. Core CPI, excluding food and energy, increased 2.6% over the 12 months to November. Major U.S. stock averages opened higher, with the Nasdaq Composite jumping about 1.5% after a prior Oracle-driven sell-off, though the Nasdaq is unlikely to finish the week positive. Micron Technology surged roughly 15.2% following strong Q1 results and heightened demand for memory chips, attracting praise from Morgan Stanley that compared its performance to Nvidia. Lululemon climbed approximately 7% amid a reported Elliott Management stake. Starfighters Space debuted on the NYSE under FJET.
Read at 24/7 Wall St.
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