Stock market today: Dow rallied after Arm IPO popped; eyes turn to Fed meeting By
2023-09-15 05:20:02

-- U.S. stocks rallied on Thursday after stronger than expected retail sales pointed to a resilient economy even as inflation data came in hotter than expected.

At 16:01 ET (20:01 GMT), the was up 331 points or 0.9% while the was up 0.8% and the  rose 0.8%.

The three major Wall Street indices lost their earlier momentum on Wednesday, as investors tried to digest the August consumer prices report.

More inflation data to digest 

The data showed that U.S. increased by the most in 14 months in August as the cost of gasoline rose, but the annual rise in was the smallest in nearly two years.

The is still widely projected to keep borrowing costs at a range of 5.25% to 5.50% at its upcoming meeting later this month, according to 's . 

But the rise in the headline rate contradicted earlier inflation readings which had come in cooler than expected, creating uncertainty over whether Fed officials will opt to raise rates once more in either November or December.

More inflation data came out today. The for August rose 1.6% on an annualized basis, beating expectations for 1.2%, and it rose 0.7% from July versus expectations for a gain of 0.4%.

Additionally, rose 0.6%, versus estimates for 0.2% from the prior month, while the weekly number of Americans seeking was 220,000 last week, lower than expectations.

to start trading after IPO

Arm Holdings (NASDAQ:) shares rose almost 25% in their trading debut in New York. The British chip designer priced its initial public offering at $51 apiece, touching the top end of its indicated range and securing a valuation of $54.5 billion.

The listing -- the largest since electric-truck maker 's (NASDAQ:) around $12 billion debut in 2021 -- was fueled by strong demand that saw the stock more than 12 times oversubscribed.

AMC Entertainment Holdings Inc (NYSE:) shares fell 1.2% after the movie theater operator completed the sale of 40 million shares, raising $325 million.

Crude gains with the market seen remaining tight

Oil prices rose Thursday as supplies are set to stay tight this year, while confidence about the demand outlook remains strong even as stockpiles rise.

The largely stuck by its estimates for demand growth this year and next in its monthly report, released Wednesday, joining the in expecting oil markets to tighten further this year. 

This helped traders look past U.S. rising by four million barrels last week, confounding expectations for a drop of around 2 million barrels.


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