Inflation Jumps More Than Expected; Stocks Shake Off Losses While Bitcoin Retreats from Highs
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Inflation rose more than expected in December, with CPI increasing 0.3% vs 0.2% expected. Core CPI also came in hotter than forecasts.
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Stocks battled back from early losses. The Nasdaq closed slightly higher while the S&P 500 dipped 0.1%. Small caps lagged with the Russell 2000 down 0.8%.
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Bitcoin retreated from 24-hour highs above $49,000 after the SEC approved spot bitcoin ETFs. Coinbase, Riot Platforms and Marathon Digital skidded.
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Cathie Wood's Ark Invest bought Unity Software stock on Wednesday. Shares dove 20% from Dec. 27 highs amid the tech rout.
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DoubleVerify, Cadre and Tradeweb Markets moved closer to potential buy points, showing relative strength.