Stock Market Today, Jan. 13: AMD Rallies as Banking Stocks Struggle
The S&P 500 (SNPINDEX:^GSPC) slipped 0.19% to 6,963.74 today even as December CPI data came in slightly lower than expected. The Nasdaq Composite (NASDAQINDEX:^IXIC) eased 0.10% to 23,709.87, and the Dow Jones Industrial Average (DJINDEX: ^DJI) fell 0.80% to 49,191.99.
Market movers
Advanced Micro Devices (NASDAQ:AMD) and Intel (NASDAQ:INTC) rallied on further analyst AI-chip optimism. Offsetting strength, Salesforce (NYSE:CRM) declined on competition concerns, and JPMorgan Chase (NYSE:JPM) slid after disappointing earnings. Other banks, such as Bank of America (NYSE:BAC) and Wells Fargo, (NYSE:WFC) fell slightly too.
What this means for investors
Today's much-awaited inflation data showed prices ticked up by 0.3% in December, with consumer prices rising 2.7% across all items. Core CPI, excluding energy and food, was 2.6%, a little lower than predicted. This reinforced bets that the Fed would leave rates unchanged this month.
Disappointing earnings from JPMorgan Chase put pressure on banking stocks. The company's Apple ((NASDAQ:AAPL)) deal, in which it became the new Apple Card issuer, weighed on profits. CEO Jamie Dimon also warned that a proposed 10% cap on credit card interest rates would damage the industry and reduce consumer spending.
Meanwhile, AI leaders continue to push higher. AMD and Intel both surged on analyst upgrades, based on continued demand for chips and servers. However, some investors are concerned that the rally could stall. Economist and former co-CIO at PIMCO, Mohamed El-Erian, told Business Insider that the AI market may have run out of steam.
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Wells Fargo is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Intel, JPMorgan Chase, and Salesforce. The Motley Fool has a disclosure policy.
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