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Stock market news live updates: December 14, 2021

Markets fell Tuesday morning after declines in yesterday’s trading session as investors prepare for a fruitful week in Washington, including the Federal Reserve’s final policy-making meeting of 2021, which begins today, and the release of new prints on the retail sales, housing construction and other economic data.

All three major US indices were lower on opening after the Labor Department reported that wholesale prices rose by a record 9.6% in November from a year earlier, the indicator’s highest annual pace ever. The Dow lost 141.06 points and fell 0.40% to 35,509.89. The tech-focused Nasdaq fell 217.32 points, down 1.39% to 15,413.28, and the S&P also underperformed, falling 0.79% to 4,632.09

Traders await a decision from the Fed on how quickly the central bank will tighten monetary policy amid new inflation data that reflected the fastest annual rise in nearly four decades. According to figures published last week, the Ministry of Labor’s consumer price index (CPI) rose 6.8% in November compared to last year.

The Federal Open Market Committee (FOMC) is holding its two-day policy-making meeting starting on Tuesday, followed by the release of the monetary policy statement and comments from Federal Reserve Chairman Jerome Powell on Wednesday. Attached to the statement is an updated summary of economic forecasts, outlining individual members’ outlook for economic conditions and interest rates.

The Fed has been under pressure to contain rising levels of inflation, as investors look for evidence of a faster winding down that could fuel past rate hikes.

“Since inflation expectations appear to be adaptive, our view is that the longer inflation remains high, the greater the risk that consumers will adjust their behavior in a way that contributes to continued high inflation,” wrote PIMCO economist Tiffany Wilding in a recent note to customers. .

“We believe the Fed wants to manage this risk by shortening the time it takes to phase out its purchases of US Treasuries and Mortgage-Backed Securities (MBS), with the goal of ending the program by March 2022, while maintaining a June interest rate. to announce. walk is likely,” Wilding said.

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PIMCO director and portfolio manager Sonali Pier also separately told Yahoo Finance Live that the company expects two hikes in 2022, three hikes in 2023 and possibly four in 2024, with the Fed trying to neutralize its key rate.

“Amid mounting signs of solid growth and a robust labor market, several measures point to a deeply troubled economy,” Bob Schwartz, senior economist at Oxford Economics, wrote in a new report. “Households are gloomy, according to sentiment surveys, and the so-called ‘misery index’ that adds up inflation and unemployment is hovering around recession levels.”

Markets are waiting for a wealth of new economic data this week. November retail sales, due Wednesday, are expected to rise 0.8%, according to Bloomberg estimates. And in November, there is projected to be a 3.3% month-over-month increase.

Meanwhile, Morgan Stanley expects the unemployment rate in the US to fall to 3% by 2022.

“It’s amazing to see how much interest rates have fallen over the past five months,” US chief economist Michael Feroli told Yahoo Finance Live. “We expect the pace of the decline to slow, but it doesn’t take much to get below 4%, even with an increase in the employment rate that has been low for the past year and a half.”

9:30 a.m. ET: Markets Open Lower Ahead of Fed Decision

Here are the main moves in the markets as of 9:30 a.m. ET:

S&P500 (^ GSPC): -36.88 (-0.79%) to 4,632.09

dow (^DJI): -141.06 (-0.40%) to 35,509.89

Nasdaq (^IXIC): -217.32 (-1.39%) to 15,413.28

rough (CL=F): -$0.92 (-1.29%) to $70.37 per barrel

Gold (GC=F): -$20.90 (-1.17%) to $1,767.40 per ounce

10-year treasury (^TNX): +2.7 fps to yield 1.4510%

9:05 a.m. ET: Stock futures fall

These were the main moves in Tuesday morning futures trading:

S&P 500 future (ES=F): -28.50 points (-0.64%), to 4,640.25

Dow Futures (YM=F): -100 points (-0.28%), up to 35.545

Nasdaq Futures (NQ=F): -170 points (-1.06%) to 15,912

8:48am ET: Wholesale inflation up 9.6%

Wholesale prices rose by a record 9.6% year-on-year in November, the fastest annual pace ever for the indicator and a sign that inflationary pressures are likely to continue well into 2022.

The Labor Department reported Tuesday that the producer price index rose 0.8% in November, after a monthly gain of 0.6% in October. The figure, which measures inflation before it reaches consumers, marked the highest monthly value in four months.

Food prices rose 1.2% in November, after falling 0.3% in October. Energy prices rose 2.6% after rising 5.3% in October.

7:07 a.m. ET: Mixed Equity Futures

These were the key moves in the markets in Tuesday’s early trading day:

S&P 500 future (ES=F): -8.25 points (-0.18%), to 4,660.5

Dow Futures (YM=F): +22.00 points (0.06%), up to 35,667

Nasdaq Futures (NQ=F): -85.25 points (0.53%) to 15,996.75

6:00pm Monday ET: Stock futures edge higher

These were the key moves in the markets in late trading on Monday:

S&P 500 future (ES=F): +5.50 points (0.12%), to 4,674.25

Dow Futures (YM=F): +46.00 points (0.13%), up to 35,691

Nasdaq Futures (NQ=F): +10.75 points (0.07%) to 16,092.75

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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