News
Stock Market Today: Stocks bounce higher with inflation data in focus
Check back for updates throughout the trading day
U.S. stocks bounced higher Tuesday, while Treasury yields steadied and the dollar snapped a five-day winning streak, as investors looked to a series of economic data releases that could define the bond market's recent slump.
Updated at 9:32 AM EST
Solid open
The S&P 500 was marked 26 points, or 0.47% higher in the opening minutes of trading, with the Nasdaq rising 122 points, or 0.63%
The Dow was marked while the mid-cap Russell 2000 gained 17 points, or 0.81%.
Updated at 9:08 AM EST
Lilly sees green
Eli Lilly ( LLY ) shares slipped lower after the drugmaker boosted its 2024 and current-year revenue forecasts thanks in part to better-than-expected sales of its weight-loss treatments.
Eli Lilly said it sees worldwide sales rising to between $58 billion and $61 billion, a 32.2% increase from the updated 2024 tally of around $45 billion.
"2024 was a pivotal and highly successful year for Lilly, and we expect to continue our momentum in 2025 with strong financial and operational performance," said CEO David Ricks. "Sales of Mounjaro and Zepbound posted robust sales growth in Q4, and we expect a continuation of that trend into 2025."
Eli Lilly shares were last marked 1.2% lower in premarket trading to indicate an opening bell price of $787.81 each.
Updated at 8:34 AM EST
Cool producer prices
Producer price inflation eased modestly last month, with the headline reading slipping to 3.3%, just inside the Street's 3.4% forecast. On a monthly basis, wholesale prices rose 0.2%, down from the November reading of 0.4% and inside the Wall Street estimate of 0.3%.
Benchmark 10-year Treasury note yields fell 3 basis points to 4.75% following the data release, with 2-year notes falling 3 basis points to 4.369%.
Stock futures jumped, with the S&P 500 now called 40 points higher and the Nasdaq priced for a 182 point advance.
Stock Market Today
The S&P 500 edged into a modest closing bell gain on Monday, with the benchmark adding around 9 points on the session to end the day just 50 points or so ahead of its Election Day level. The broader session moves, however, were tied to a pullback in market volatility that was linked in part to easing Treasury yields.
Bond markets are likely to be in focus once again Tuesday as the Commerce Department reports producer price inflation data for December at 8:30 a.m. Eastern Time and traders brace for a key reading of consumer price inflation on Wednesday.
Benchmark 10-year Treasury note yields were last marked at 4.782% heading into the start of the New York trading session, with 2-year notes changing hands at 4.386%.
The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, was marked 0.35% lower at 109.537 amid reports that suggest President-elect Donald Trump was planning to phase in tariffs over several months, potentially muting their inflation impact.
The report from Bloomberg News added a much-needed sentiment boost to beaten-down stocks and looked to provide at least a level of support at that start of trading.
Futures contracts tied to the S&P 500 suggest an opening-bell gain of around 30 points, with the Dow Jones Industrial Average called 140 points higher and the Nasdaq set for a 150-point advance.
Related: Wall Street debates bond market rout as inflation data looms
Global oil prices were also in focus, following the highest closing level for WTI crude in more than four months, as traders continue to study the impact of new U.S. sanctions on the sale of Russian petroleum products.
Brent crude contracts for March delivery, the global pricing benchmark, were last seen 36 cents lower on the session at $80.66 per barrel, with WTI futures for February slipping 26 cents to $78.54 per barrel.
More Wall Street Analysis:
In overseas markets, reports of phased-in tariffs lifted Europe's Stoxx 600 for the first day in three, with the benchmark rising in midday Frankfurt trading. Britain's FTSE 100, meanwhile, edged 0.14% higher in London.
Overnight in Asia, Japan's Nikkei 225 closed 1.83% lower as tech stocks declined following the unveiling of new U.S. export rules on AI technologies. The regional MSCI ex-Japan benchmark, meanwhile, was last marked 0.47% lower into the final hours of trading.
Related: Veteran fund manager issues dire S&P 500 warning for 2025