Stocks Up Ahead of Key Inflation Data and Fed Meeting, But Concerns Remain Over Crypto and 2024 Outlook
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Stocks closed higher on Monday ahead of a big week featuring a key inflation report on Tuesday and the Federal Reserve's final policy meeting of 2022 on Wednesday. The Dow rose 0.4% while the S&P 500 and Nasdaq also gained.
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All eyes are on the latest Consumer Price Index (CPI) reading coming Tuesday morning. It's expected to show signs of cooling inflation in November. Lower energy costs likely kept prices more contained.
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Crypto exchange Coinbase saw its stock plunge over 6% as the price of bitcoin fell sharply, losing momentum after a massive 150% year-to-date rally. The decline raises doubts about crypto's comeback.
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Paramount Global shares slid 3% as reports build that private equity firm RedBird Capital may try to acquire a controlling stake in the media company by purchasing shares from National Amusements.
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JPMorgan strategists warned of a "catch-22 situation" for markets in 2024, where stocks can't sustainably rally unless the Fed cuts rates, but the Fed likely won't provide "decisive easing" unless stocks correct meaningfully first.