- The S&P 500 soared 1.9% on Tuesday, Nov. 14, 2023, as news about consumer prices raised optimism that the Fed may stop boosting interest rates to fight inflation.
- Bond yields plunged, helping shares of Enphase Energy and other solar stocks power higher.
- Amazon struck deals with both Snap and C3 AI, and shares of all three companies advanced.
U.S. equities soared Tuesday as the S&P 500 jumped 1.9%, following a favorable inflation report.
Labor Department data showed that consumer inflation was flat in October, raising optimism that the Federal Reserve will be able to stop raising interest rates to bring down high prices. The news also sent bond yields sinking.
Tech stocks, which benefit from lower borrowing costs, surged. The SPDR Select Sector Technology Fund (XLK) rose 2% to an all-time high.
Enphase Energy (ENPH) shares picked up 16.4%, and other stocks in the solar power sector advanced.
Goldman Sachs (GS) shares gained 3.6%, and shares of rival banks also climbed.
Amazon (AMZN) shares added 2.3% as the online retailing giant reached a deal with Snap (SNAP) allowing Snapchat users to purchase items from Amazon without leaving the site. Amazon also expanded its strategic cooperation agreement with enterprise artificial intelligence software provider C3 AI (AI). Shares of Snap and C3 AI gained 7.5% and 7.4%, respectively.
Arthur J. Gallagher (AJG) shares dropped 1.5% after the insurance broker said it purchased Australia's Edgar Insurance Brokers. Terms of the transaction weren't disclosed.