Stocks Open Flat, Trump Praises 'Low' CPI, Dimon on Fed, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Tuesday morning trading is underway on Wall Street with a lot for investors to consider this morning. That is the sound of the opening bell from the floor of the New York Stock Exchange. At the open, the S&P 500 is little changed, up about two points, trading close to the 7,000 level, though. The Dow Jones Industrial Average opens little changed to lower, down about 10 points. And the Nasdaq Composite, little changed as well, up just one point. As we say, lots to consider for corporate earnings and economic data. We'll start with the data. Consumer prices for December came in about where economists expected. More from Bloomberg's Michael McKee.
We got a kind of a mixed picture, cats and dogs kind of report here. We had some surprises. In both directions. The general consensus was we might see a little bit higher inflation because of the data collection problems that they had in October and November. But instead, we come and bang on estimates, basically.
And Bloomberg's Mike McKee reports those numbers are raising bets for a Fed interest rate cut in June. President Trump is responding to the numbers on Truth Social, calling them great for the USA and reiterating his argument that Chairman Powell should cut interest rates meaningfully, in the president's words. We also got earnings from JPMorgan Chase. Those came in mostly better than expected. Herman Chan covers the banks for Bloomberg Intelligence.
The beats were really strong, especially on the market side. Revenues on the markets trading side looks like it's up 17% year over year. That's higher than consensus and higher than what they had outlined at a recent investor conference.
Herman Chan with Bloomberg Intelligence. At the open, JP Morgan shares are little changed. The bank is also weighing in on Fed independence with Chairman Powell now under a Justice Department investigation. Bloomberg's Danny Berger has that.
This is a question that Jamie Dimon took himself. He said that he has enormous respect for Jerome Powell, even though he doesn't agree with all of his decisions, saying everyone believes in Fed independence. Anything that chips away at that is not a good idea and it would raise rates over time.
Bloomberg's Danny Berger, the probe is also sparking rare bipartisan pushback on Capitol Hill. Patrick McHenry is a former chair of the House Financial Services Committee.
What are the initial market conditions at the opening bell?
is real right now. It is shaking on Capitol Hill. This is substantially different than jawboning the chair of the Federal Reserve, which is what we've seen from most presidents, but especially from this president. And we'll see whether or not it truly matters.
Former Republican Congressman Patrick McHenry is now a Bloomberg News contributor. Today, President Trump will look to put the focus on his economic policies with a visit to Battleground, Michigan. Bloomberg's Tyler Kendall has a preview.
On the heels of the CPI report, I'd expect President Trump to refocus the narrative on the economy in a critical battleground state, not just with his speech to the Economic Club in Detroit, but he's also set to tour a Ford Motors factory plant where they make F-150s in a bid to tout his domestic manufacturing plans.
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