Stock market today: Live updates

The three major indexes all touched fresh 52-week intraday highs during Tuesday’s trading session.

The Nasdaq Composite rose to 14,474.02, its highest intraday level since Apr. 5, 2022, when it hit 14,500.29.

The S&P 500 reached its highest intraday level since Mar. 29, 2022, at 4,630.49. At the last intraday high milestone, the S&P 500 hit 4,637.30.

The 30-stock Dow Jones Industrial Average achieved a high of 36,531.97, its highest intraday level since Jan. 5, 2022, when it traded at 36,952.65.

— Hakyung Kim

U.S. crude oil prices on Tuesday dropped more than 3% as traders worries that the Federal Reserve does not yet have inflation under control.

The West Texas Intermediate contract for January lost $2.41, or 3.38%, to trade at $68.91 a barrel, while the Brent crude contract for February shed $2.33, or 3.06%, to trade at $73.70 a barrel.

Inflation in the U.S. rose 0.1% in November after being unchanged in October. Traders are worried that the Fed does not have inflation under control and will have to keep the foot on the accelerator when it comes to interest rates, said Phil Flynn, an analyst with the Price Futures Group.

Flynn said the confidence of the oil market has been shattered after a seven-week streak of losses.

Record oil production in the U.S. is colliding with a weakening economy in China, raising concerns that OPEC+ will not be able to stabilize crude prices with its new round of cuts set for the first quarter.

— Spencer Kimball

Tuesday’s consumer price index report will do little to change the Federal Reserve’s rate cut expectations, according to Chris Rupkey of FWDBONDS.

“Stay tuned,” he wrote. “Fed officials were not thrown a curve ball today, they can keep with the forecasts for rate cuts next year that they made last weekend.”

Even as the general public’s inflation expectations fall, core inflation continues to rise and pressures persist, he wrote. The latest CPI report showed inflation slow at an annual rate, but pickup from flat in October.

“To get inflation down to the 2% target, the Fed needs monthly changes of 0.2%, not the 0.3% November core CPI reading the markets got today,” he wrote.

“Of course the market does not know what to do, as technically inflation met expectations for core CPI of 0.3% this month, but this is not a good report for Fed officials, although at least the price surge coming out of the pandemic may be over,” he added

— Samantha Subin

Stocks open little changed on Tuesday as Wall Street parses over the latest inflation data ahead of the next Federal Reserve policy meeting.

The S&P 500 and Nasdaq Composite hovered near the flatline, while the Dow Jones Industrial Average added 24 points, or 0.07%.

— Brian Evans

The consumer price index gained 0.1% in November from the prior month. Economists polled by Dow Jones expected CPI to be flat month over month. On a year-over-year basis, the print came in at 3.1%, in line with expectations.

Excluding energy and food, CPI rose 0.3% month over month and 4% year over year — also matching expectations.

— Fred Imbert

Respondents to the latest CNBC Fed Survey expect the central bank to begin cutting interest rates in the middle of next year and are more optimistic on the likelihood of a soft landing.

More than half of the 35 economists, strategists and analysts polled by CNBC expect June to be the first month of Fed cuts, while 69% expect another cut in July. The average forecast from respondents calls for roughly 85 basis points of interest rate cuts in 2024.

Meanwhile, soft landing expectations also climbed in the December survey compared to a month earlier. Respondents increased the probability of soft landing to 47%, a basis point increase from November, while trimming the odds of a recession in 2024 by 8 basis points to 41%.

— Brian Evans

Adam Crisafulli of Vital Knowledge noted Tuesday that the three major events for the market this week — U.S. CPI on Tuesday, the Fed announcement Wednesday and the ECB decision Thursday — will likely be “speedbumps” for the market, not “sinkholes.”

“The enormity of the move these last few weeks has eroded many prior technical tailwinds (positioning, sentiment, etc.), leaving stocks without much air cover in the near-term,” he said. “However, the forces that drove bonds and equities higher are larger than individual central bank meetings or single economic releases – the economy is reverting to a state of relative normalcy as all the COVID-era distortions are finally wrung out.”

— Fred Imbert

European stocks made a muted start to Tuesday’s session.

The pan-European Stoxx 600 was up 0.1% in early trade, with household goods adding 0.6% to lead gains while telecoms fell 0.9%.

– Elliot Smith

Hasbro, maker of My Little Pony and Nerf toys, said it would be laying off roughly 1,100 of its workers, CNBC reported, citing a company memo.

The toymaker is grappling with soft sales that have continued into the holiday season and are “likely to persist into 2024,” CEO Chris Cocks said in the memo.

Hasbro had about 6,300 workers as of earlier this year.

Shares were down more than 5% in after-hours trading.

Read more about the layoffs – and the text of the full memo – here.

—Darla Mercado, Drew Richardson

Struggling automaker Lucid Group took another hit on Monday.

Shares the electric vehicle company slipped nearly 3% in extended trading after Lucid announced that chief financial officer Sherry House is resigning, effective immediately. Lucid said that House is leaving to pursue other opportunities, but will be available in an advisory capacity through the end of the year.

Shares of Lucid were already down more than 30% year to date. The stock closed at less than $5 per share on Monday, down more than 90% from its all-time high in November 2021.

Traders will have an eye out for November’s consumer price index report, due Tuesday morning at 8:30 a.m. ET.

Economists polled by Dow Jones anticipate that headline CPI held steady in November compared to the prior month, and they predict that it grew by 3.1% on a 12-month basis.

Core CPI, which strips out volatile food and energy prices, is expected to have grown 0.3% from the previous month and to have advanced 4.0% from a year earlier.

The numbers will be arriving as the Federal Reserve kicks off its two-day meeting, where it will mull over its latest decision on rate policy and issue its economic projections.

—Darla Mercado

Stock futures opened little changed on Monday evening, with the three major contract down less than 0.1% apiece.

— Jesse Pound

Shares of Oracle fell more than 7% in extended trading after the tech company’s revenue for the fiscal second quarter came in short of expectations. Oracle generated $12.94 billion in revenue compared to the $13.05 billion expected by analysts, according to LSEG.

The revenue miss came from below-estimates results in multiple segments, including cloud services and license support, according to data from StreetAccount.

Shares of Oracle were up more than 40% for the year ahead of the report.

— Jesse Pound